Fannie Mae does have a loophole (taken directly from the Fannie Mae Selling Guide:"In order for non-mortgage and mortgage debt to be excluded from the debt-to-income (DTI) ratio, the other party has to pay the complete monthly obligation every month for a minimum of 12 months (and the other party cannot be an interested party for non-mortgage debt).

If I were to list for sale as is, I could probably get $550k for it or $500k if I wanted to sell quickly. 

@Will Smith @Lee Li feel free to send me a message to see if we may be able to help or guide you to a reasonable solution if that does not work out.  

Just a quick tip for anyone managing construction projects on your own.

But I quickly learned there's a huge value (and no substitute) in working with a mentor that's been through it all before.You may be able to find a local investor to help you through this deal, but that could take more time than you can afford.

And we have to have some in reserve in case we can't get it rented quickly or something like that.

A quick Google search should bring one up.

I hope Mario can mitigage his losses by selling the property quickly to stop the bleeding, or re-tenant and refinance to less expensive debt but this serves as a case study on the perils of investing in lower tier neighborhoods.The amount of people on the internet and social media selling the false narrative of how easy it is to create wealth through investing in real estate, specifically these lower tier neighborhoods is upsetting. 

Would love to be able to underwrite a property quickly and efficiently.

@Tim Jurik it really doesn’t make a lot of sense from the realtors time perspective to gather ALL of those items if the property isn’t of interest to you or it doesn’t fit your parameters from a quick glance.