In 2014 I got a home modification which included the hud partial.

ThanksI don't allow my tenants to make any modifications to the property such as repainting, installing new flooring, etc. 

My connections offer loan modification on underwater but cash-flowing commercial properties.They will renegotiate the terms of the loan with the current lender(s).

Have a solution that benefits the owner of the house like modification or CH 13 bankruptcy. 

I did do some modifications because I felt the plans were a little over built for our climate here but that only cost about $1000 which including the cost of the initial plans is still significantly less than a custom set. 

Thanks, Dan Dietz USDA is an option but the problem with USDA is median income limits in order to qualify unlike FHA and VA which does not require your income to be under a specific amount.All loans that have low or no down payment has mortgage insurance that "may," necessitate a refinance at one point or another whether its included in the "rate," its financed within the loan like USDA and VA, or its both like USDA and FHA which has an upfront MIP (UFMIP) and a monthly MI as well.Even the conventional loan with 3-5% down payment with out monthly MI has a higher rate where the MI is built into the rate, called lender paid MI (LPMI).

Maintenance costs are especially low in Las Vegas due to the construction materials necessitated by being in the Mojave Desert.

@Jim Adrian has given you some ideas to use in assembling your acceptance and rejection criteria; identify those that seem like they fit the demographics of the population that lives near your rental, write down the ones you wish to use (you can even make modifications if you see something too lenient or too strict), and use that to guide the decision regarding applicants.

Altimatly if the deal is great and you buy it, you can try to modify the loan and ask the borrower to sign a modification note.  

An extension of the act would ensure that homeowners who received principal reductions from loan modifications or other forms of debt forgiveness through short sales or foreclosure on their primary residences would not have to pay taxes on the amount forgiven.