Since VA loans allow 0% down and no PMI, focus on finding a multifamily property in El Paso while working with VA-friendly lenders who accept lower credit scores.

I would accept an adjustable rate, or even a higher fixed rate, but this 5-year ARM stuff means I only pay interest for 5 years, then they want me to do it again and again.

Challenge is getting tenants to accept no-keys and changing batteries during their stay.

I've accepted that I will take a significant loss on this, and have already learned a ton from it, but I would like to reduce the total loss as much as possible.

Hi Evan from Sayville, NY-You asked about whether a lender would pay real estate commissions and closing costs with a short sale.I negotiated a lot of short sales after the Great Financial Crisis.Short sales are similar to dealing with a bank owned property accept the bank is trying to avoid taking it back so the terms, specifically an acceptable purchase price, have to be negotiated.The thing I found that was important to negotiate was the lender agreeing to settle without further recourse for the seller.

I used an FHA loan but I am concerned about accepting rental payments into my personal bank account. 

If I gave my number and got it accepted I'd still be nervous, but I'd definitely pull the trigger on the deal.I feel I'm being reasonably cautious without having any recent comps and because the one house in the neighborhood currently on the market is about $15k below his estimated ARV despite being slightly larger.

Seller says they will accept $300,000 down (non-refundable) with lease payments of $4,500/ month (doesn't count towards principal) for 3 years in which we would have to pay the remaining $1.45 million at that point (title stays in seller's name until then and also pays the property taxes).

We accepted and closed using an FHA loan with 3.5% down.

In this instance what I would do is get the deed in lieu from the borrower so you ahve the property again and get a note from them but have an attorney draft it to see if you can include a confession of judgment - meaning if they do not pay then you can get a quick judgment and possibly garnish wages.I would also have them put a small down payment as part of the note and only accept a check that way if you ever did garnish you have a copy of a check so you know where they bank.unfortunately you are right they can stop paying on the note and its unsecured so its a risk but out of all the options this is your best option.