If it is a VA loan the buyer is doing it shouldn't be an issue and the lender can switch to Freedom Mortgage or another military-focused mortgage bank. 

This is likely going to be your fastest and least expensive option.John  depends on what type of foreclosure it was.. if it was mortgage and Sheriff sale then there is a right of redemption.. if it was a Trustee sale ( which most are / were ) then no redemption and you have a holdover.. when i bought foreclosures in WA.

The first lender that I went to for a loan just told me that they can not provide me with a mortgage because my income "on paper" was too low.

Both properties fall into Class B- category and has no HOA and no rental restrictions.Here are the details for each property:Property 1:3 Bed, 2 Bath (1020 sq ft)Purchase Price: $250,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $50,000 + $30,000 (rehab) = $80,000)Projected Rental Income Post-renovation: $2100/monthProperty 2:2 Bed, 2.5 Bath (1168 sq ft)Purchase Price: $230,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $46,000 + $30,000 (rehab) = $76,000)Projected Rental Income Post-renovation: $1900/monthThe location is moderate, with amenities like shops, restaurants, a mall, and a baseball stadium within a 5-mile radius.Considering buying both as they are in the same building, the total cost and income overview would be:Total Price for Both Properties: $478,000Down Payment & Closing: $96,000 + $10,000 = $106,000Total Renovations: $60,000Total Price (Including Renovations): $478,000 + $60,000 = $538,000Total Out of Pocket: $166,000Projected Gross Rent Monthly: $4000The rate of interest for the mortgage is 7.5%.I am currently evaluating: A) The break-even point for two townhomes considering a cash investment of close to 32%.

Leng ThaoIf I buy a personal residence now, with no one in there, I won't be able to afford the rent on my current residence AND the mortgage of the new home.

Scenario 1: Pay off all mortgages and my net pre tax cash flow is about $120k/yr.

If you are house hacking to have someone else pay your mortgage what would be the point of a separate account if you are just going to switch it over to your checking or directly into your mortgage. 

I just looked up the covenants on the online city records, hoping to see an amended recording, and the original 1997 ones appear to be the only ones there, so this helps me understand the issue more fully, if they take precendent over Rules & Regs. 

I met a private mortgage broker through the forums that told me North Dakota is very restrictive. 

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