Buy this one after the first one above.From FNMA, "Second Home Requirements"...must be occupied by the borrower for some portion of the yearis restricted to one-unit dwellingsmust be suitable for year-round occupancythe borrower must have exclusive control over the propertymust not be rental property or a timeshare arrangement 1cannot be subject to any agreements that give a management firm control over the occupancy of the property1 If the lender identifies rental income from the property, the loan is eligible for delivery as a second home as long as the income is not used for qualifying purposes, and all other requirements for second homes are met (including the occupancy requirement above).See that little footnote there, the "1"?

Rock Hill or older areas of Fort Mill would make for suitable investments.

every investor is looking to cut costs- which is more suitable for things one can't see, such as inside walls, lumber grade, etc.

An investor friendly real estate broker or commercial broker will be more suitable.

With a little more in depth information not suitable for posting on a publicly viewable site, I can help you come up with a strategy to stay in your home as long as the process takes, even if you ultimately stop making payments.Your rights are numerous and not likely to be explained or pointed out by your lender in my experience.

Basically what I am saying is that I am not surprised that you have been looking for months and have not found a suitable rental in Saint Pete.I am sorry I can't be of much help regarding Tampa.

@Jason Sterlingwhen you purchase a rehab foreclosure be sure you place a lot of back into the property ie...money for what you missed/elect ,plumbing, gas piping, AC repairswhat happened on mine was that there was no title- the county had to make a new title for the property it had been sold so many times in the previous refi process, that is how it went to auctionas long as the arv is suitable for the area and you can get it for a deal then it would be a good buy if the rents are not going to make it work then flip it for a small profitget another set of eyes on the property to help you analyze the property maybe look at a cut sheet from one of the forms on BP what your looking for and what is a tear out or a repair-ie most sheetrock damage is a repair unless water damaged then it is a tear out, flooring if it squeaks you can fix that with a nice box of screws, if it has dry rot then it is tear outnetwork with someone in your area maybe a GC to do a walk throughenjoy

Funds also have timing drawbacks and are really more suitable for investors with continuous deal flow that is somewhat uniform.  

It's much more expensive and is suitable when you need to close quickly or it would be difficult to find conventional money due to the condition of the property.

Make no difference where you are - some of my commentsI have done many subject to the existing mortgagesMost all of those transactions are against the mortgages "due on sale" or other conditional clauses in the mortgage.You are at risk due to any existing liens or law suits that may be on chain of titlYou should have a ratified deed heldin escrow or by you, in the event the sell can't be found, or refuses to settle.You contract should be recordedYou need a lien and title report suitable to you before you do the deal.Remember you would be in an equitable position while the seller has legal title.You are best to record the deed and hope the bank doesn't force a sale or accelerate the loanA deal subject to the existing financing is a high leverage transaction- but there could be a problemMake sure you do it right -I just won a law suit with Chas on a due on sale deal - they wanted $130,000, we argued for $60,000 and the court agreed with us.