Borrowers using a FHA loan will pay a monthly FHA mortgage insurance premium (MIP) and upfront mortgage insurance premium (UFMIP) of 1.75% on every FHA loan, regardless of the down payment. 

I told him to borrow one of the other THREE from one of the other guys or buy one, and that they were left behind as a courtesy.Babes in the woods.But that did confirm my decision to replace the toilets when I refresh the bathroom, because his response when the toilet clogged was to flush it twice more until it "nearly overflowed" and he said that he's scared to do it again in case it does overflow. 

If your goal is #1 or #3, just borrow cash for a down payment and don't sell. 

Can you share some details about your current situation: Original purchase priceDown payment / borrowed amountAny hard costs on rehab (meaning things you can prove with receipts)Current estimated valueCurrent amount owed

I've seen it happen only a handful of times in 15 years.The only issue I would see, is if the original loan was only done with one borrower, then deeded to an LLC with 3 members.

Here you declare the use of the money you are borrowing (flip, rental, business inventory, etc).

And if you are unable to qualify on your own, you can ask a related person (be sure to check with your MLO) to co-sign with you as a non-occupant borrower, if they are willing, able, and can combine your blended income and debts to help you qualify. 

Keep in mind that the cost of borrowing $100k more is in the neighborhood of $500/month and your neighborhoods, parking and size of the property and building change as well which changes the $$$$ you can make.

-Payment Schedule to Borrower: Purchase Funds of $136,000.00.

I’ve been thinking about this for a while and have not done anything because of the cash required for down payment, but I could do FHA and move forward with minimal cash investment.My other thought was to borrow against my 401k and do a turnkey.Either way I want to start soon.Thanks, Brian