This is also based on appraised value, but subject to a maximum of your initial purchase price plus closing costs. 

I think many, perhaps most, landlords start out with annual leases either because they feel it creates more stability or, more frequently here, the lender interprets an annual lease as being more stable.In reality, when a tenant decides to leave, a tenant is going to leave.  

I realized as the post progressed that I should do a better job with subject heading.  

The workshops cover various subjects from financing, wholesaling,, estimating repairs etc.Dallas Real Estate Investors Group http://dallasreig.com/ This group meets once a week on Saturday during the lunch hour.

might be interesting if you posted your questions here there are a lot of NMLS mortgage originators on BP who could probably answer your questions as its a pretty vanilla subject .. and not one that would really warrant spending a lot of money on legal fee's..

A "subject to" will not work because the value is up side down, or can it work some how?

Frankly, I'd much rather market to a better list, such as Foreclosures with equity and hit them hard and frequently. 

The bureaucracy and red tape of the Housing Choice Voucher program, you do not want to sign a third party governmental contract, be subject to the inspections, the time of waiting for the process, something other than discrimination against the potential applicant. 

There is an entire BP forum on the subject of notes too, with lots of experts and great info. 

*IF* the conversation comes up (meaning they initiate it), you might read the comment as positive or negative and if negative, you can respond with (depending upon the context) something like "I agree"  "I see your point" and switch subjects.