Anytime I hear a banker tell me that sweat equity does not count as skin in the game I want to slap them.

But don't count on working out a sub2, as the bank may not reinstate the loan with just the back payments and fees, they may require a full pay off.

Lenders will count 75% of rents making qualifying very easy.

What lurking beneath, in the walls, and up in the roof can eat your returns up for a decade.You are counting section 8 above market rents.

The great part is that we can do anything on the inside and that is where it counts. 

Taxes and insurance are actually included in the 50% rule so you have actually counted them twice. 

The paperwork was being shuffled off to an attorney, which if they charge any fee, that will count against the 3% cap.  

Live it in a year or two (whatever the minimum amount is for the low down payment loan program) and then rent it out and buy another one A duplex would be the best because then you could get your 2 years of experience owning property and could count the rent towards your income to qualify for more loans.The real key though is that if you buy it right (70 to 75% LTV) and you get a couple years of principal paydown and appreciation, then maybe you could use that house to get a HELOC up to 80 or 85% as your primary residence before moving out. 

Lenders usually want to see a history of 2 years rental history before they can use that to count towards your income. 

If you mean Houses of Multiple Occupancy as used by the British (in the states the term is usually MFR, Multiple Family Residence), then you have to define how you count 200.