Pretty common, you can definitely use commission as down payment conventional loans and not have it count toward IPC as long as you're on the loan. 

If you are willing to live in urban areas you may want to talk to a local bank in your market and see if they have any incentives or grant loans for certain areas.  

Couple is divorcing, husband wants to keep the property; wants ex-wife's name off of property/loan. 

With the FHA loan you won't need a huge amount of your savings.

Us: We want to buy the property, fix up the (3) apartments not occupied by her parents to generate rental income.QuestionsMy thoughts are to work out a deal where we purchase the property from her parents without taking a loan from bank.

I borrowed $30k on a personal loan from Discover for 15% with no fees for a plot of land and paid "cash" for it.

I ended up with some rules, couple here:1.Discrimination - Never Rent to Attorneys, Law students or Law Professors.Learn all you can about the Housing Laws i.e.

Maintenance/cap ex, insurance, if a rental PM, bookkeeping, misc.The fact you have a loan means 1) leverage 2) equity pay down.In addition, there are tax benefits.So I will do some rough underwriting as an OO non-rental at 95% LTV (because FHA has some undesired consequences that make the 1.5% difference in LTV worth avoiding the FHA).equity paydown: 20% (using OP interest rate at 95% LTV and not counting closing costs). 

Most agency loans will expressly forbid such an arrangement, so if they found out, the odds of having the loan called would be very high. 

I believe the investor may need a commercial loan at that point or could do 3 separate loans since they are on different parcels.