We actually decided on a property in White House Tennessee and our plan as of now is going to be to mid term rent it during the months that we are away and then eventually turn it in to a long term rental in 3 or so years.

Despite the guru fed “misinformation” about all these under market price deals, they are actually very rare and require (1) the investor recognizing value that the seller and the rest of the market misses or (2) a seller with a need for an immediate sale and a buyer with the CASH immediately available to conclude a very quick closing usually forgoing inspections, financing, and other contingencies. 

@Emeka Okeke, the biggest thing is actually doing it.  

Their job is to keep investor capital allocated and returning, so there's only a deal if they can actually redeploy the capital into something better.As a buyer, you need to establish a lot of credibility for a deal this size.

NYC laws around rentals—especially short- to mid-term—can be tricky, so you’ll want to avoid any compliance headaches.The biggest challenge with this plan is finding a rent-stabilized apartment that makes financial sense and actually gives you breathing room.

What may seem like a benefit (NO MONEY DOWN) is actually a curse!!  

Need so much more info to actually be able to shop rates  :)  No points, 110k, SFR, regular purchase financing, the house is worth around 140k.

It slows down the unethical operator.But it is rarely actually mortgage fraud, which is typically related to the paperwork filled out and documentation provided to originate the loan.Since someone buying on SubTo rarely signs paperwork with the original lender, he isn't telling the lender a lie and therefore making a claim of mortgage fraud against the buyer is difficult to make stick.

I am better for knowing what cash flow actually is, the rules on homestead exemptions in my area, etc.

There are actually THREE kinds of subject to transactions1- subject to existing mortgage without lender approval2- subject to existing mortgage WITH lender approval3- subject to existing mortgage as part of a seller financed wrap around mortgage.with #1 and #3 it’s in everyone’s interest to utilize a third party servicer, who collects and then distributes payments.