In your experience, would you advise that it's best to avoid the complexities of the foreclosure purchase process as first property newbie, OR proceed with caution under the right circumstances.

But still, the situation isn’t just with the current circumstances, it’s also just a way for me to put myself through school on the process.

Given the circumstances, I was hoping to discuss the details off line.

If the homeowner has a material change in circumstances (transfer of title to his house) then he needs to inform his lender.

Do you think the eggshell or flat will be OK in those circumstances?

Even though your past decisions got you into debt, you want to borrow more money to make improvements to the things you've neglected for five years?

You can typically only have one FHA loan at a time (usually must occupy as a primary for a minimum of 12 months), but there are some extenuating circumstances such as a growing family or moving to a bigger property closer to work that would enable you to apply for a second FHA loan before departing.

I have been offered an exclusive Deal by a local "friend"/ semi-mentor in my small town.  8 standard 2/1 apartments -  Quad, duplex, duplex, 1970 Dated buildings, little neglected but liveableOwner finance: 20yr 6%rate with 20k down------------------------------------------------Total purchase 400KCurrent NOI: 41k     Cap: 10         (Tax,Ins,Maint, Util)Gross rent 4500/mth-----------------------------------------------Upgrade, Est repairs: 60k After reno: NOI: 59K   Gross rent: 6100------------------------------------------------Loan pmt: 2865/mth,    34k/yrCurrent Cash flow: 531/mth,  6,378/yrAfter reno Cash Flow: 2131/mth,  25,578/Yr-------------------------------------------------Added info- -Property line Joins with (growing) Community college-Tiny town-The Buildings are Currently "uglyish".- Current Rent is 150$- $200 behind market avg.I am very comfortable in single family homes in this town (own 18 SFH rented and performing well).

It is disheartening to hear about such circumstances, particularly when children are affected.

There are some circumstances that will allow them to account for long or mid term rental rates when it comes to your pre-approval amount if your debt to income ratio is a concern.