This however, would create difficulties for anyone else trying to obtain subsequent FHA financing as FHA forbids loans if a single entity has 10+% ownership in HOA complexes.

Owner Owes $85,000PITI is $794.00.Owner lives in another state and home is vacant.Our Strategy:[/b]RESIDENTIAL LEASE WITH OPTION TO PURCHASE AGREEMENT©I believe the RESIDENTIAL LEASE WITH OPTION TO PURCHASE AGREEMENT© is the Agreement used between ourselves and the SELLERRESIDENTIAL LEASE1) Rent: $ 800.00 per month (Based on current rents in the area)2) Lease Term: 12 months, beginning September 1, 2012 and ending September 1, 2013 .3) Maintenance: Buyer/Tenant will be responsible for maintenance and repairs of the property, not to exceed $200.00 per incident.OPTION to PURCHASE4) Purchase Price:$89,9895) Option Period: 36 months, beginning September 1, 2012 and ending September 1, 2015.6) Option Consideration: $10.00 All Option Consideration will be credited in full toward the purchase of the property.7) Rent Credit: Buyer/Tenant will be credited $400.00 per month toward the purchase.8) Closing Costs: Purchaser will pay all allowable closing costs.9) Expiration: This offer shall expire on August 9, 2012 at 12:00 midnight.10) Inspection: This offer is contingent upon physical inspection of property and subsequent completion of a formal and signed Residential Lease with Option to Purchase Agreement.MEMORANDUM OF OPTION to cloud titler Tenant/BuyerWith our Tenant/ Buyer we will use the following documents:OPTION TO PURCHASE AGREEMENT© which cannot be assigned.Purchase Price: $93,000Option consideration: @5% $4650.00Rent: $900.00Lease: 12 months, renewable x 3.RESIDENTIAL LEASE AGREEMENT© Unassignable.Your critical analysis of this deal is highly appreciated.

The principle balance is currently about $56,000.2) Took a job transfer early 2003 and subsequently got divorced.

The only thing I could think of is that they could refuse to issue you a card unless you get your photo taken, and then subsequently refuse to allow you admittance to any common areas (i.e. pool, club house, etc) where the cards are required for admission.

Generally speaking, yes.But what are your objectives with this purchase (and subsequent ones)?

This buy and subsequent renting was done with this Realtor.

When you purchase a mortgage or deed of trust, that security instrument prevails over all subsequent actions on title with exceptions for government liens and taxes (and a couple other items).

If a lender issues a quote and then subsequently an application, the understanding is that both parties will move forward under the terms as agreed.  

Subsequently, I'm trying to develop a strategy, where I can gain a monthly cash flow on the mtg. pmt WITHOUT the risk.

Hopefully this is the right forum for a software request.When I reply to a post I might want to follow the subsequent discussion in the thread.