Based on your numbers, and assuming you have a credit score high enough and have never filed for BK, you shouldn't have an issue getting approved for an HML to buy/rehab the property that I would estimate at about $370k-$375k (which includes 100% of the rehab costs).

Quote from @Michael Smythe: @Sean Gallagher legally you are correct, but many tenants do NOT know this.We take over properties all the time and close 80% of existing tenants sign a lease with us.True! 

It was great to get our heads in the game, and got us to move quicker to get a house (since we were basically forced to get a pre-approved loan in order to tour houses...).

Your attorney should also determine if this is legal in the state(s) you’re lending in.

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But if the permit takes a while (like the full 3 months), you’d have time to decorate the place exactly how you want.As for the bookings, if the permit gets approved fast, you could take over the current ones for instant income.

EVEN IF THEY ARE PAID they cant guarantee that a short sale will even be approved AND cant guarantee any price.

But the road crosses 3 other properties for which there is no legal access.  

While this is municipality dependent, if the contractor is not licensed you likely cannot obtain the necessary permits and approvals.

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