This is the same whether we are building a "double wide" that gets put on blocks or a modular home set by a crane on a foundation.One of my last projects before changing industries was a 2 story modular home that was built on spec...and then sold for roughly $1million dollars within a few months...

Lastly, FHA & FANNIE MAE do expect you to live in the property for at least one year, but the reasons for getting out of that commitment are mostly vague.

And having been CEO for the last 6 years, and with the company for 10, I have observed some nuance:- The guy with two units in Mississippi sometimes has no debt and has spent 1,000 hours learning, knowing their stuff.

The unit was newly renovated and looked amazing when it was rented out last year. 

@Alison CromwellIn order to obtain a flip loan with no consistent income history, the following steps need to be undertaken: create an impressive credit score, put aside more funds as a down payment, check out new methods of getting funding besides what is available from banks or other financial institutions, involve yourself in investments with toughened entrepreneurs, show how financially sound you are by doing things such as getting enough money into savings over time through frugal living habits or accumulating valuable assets that can be readily converted into cash when required among others like developing several stable sources of income or steadily growing one.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If there wasn’t major renovations involved in the deal then they should have been able to increase rents last year since most markets still went up.

Rates have unfortunately been horrible lately with big spikes just in the last couple of weeks so even quotes from the beginning of the month are probably out of date at this point.

I am also nervous about my move to the DC area wont work out and I will have this house as an option in case I want to return to the bay area and will never be able purchase a similar home if I sell it.I honestly think the answer to the 1st question should in large part be dictated by the last question, how likely are you to move back to the Bay Area? 

and lastly, it would be a bad idea for a mortgage company to call a performing note, but if we get to the scenario in the next year or two where mortgage rates are at 7% or 8%, it might make a lot of sense to call a note that was written out at 3%this is a great explanation though!