Investment property guidelines will apply, unless you are actually going to move in and live there while fixing it up.The problem you will encounter is that your wholesaler has their little assignment contract, doesn't want to actually close and ever own the place, but somehow wants to sell to you something they do not own, which Fannie does not and will not be OK with, regardless of what all the best real estate lawyers claim.Enter @Shari Peterson stage left.At which point your wholesaler and you are going to renegotiate price because you just jacked up that wholesaler's carrying costs so that YOU could have a better interest rate, which ultimately is not your wholesaler's problem or concern.Orrrrrrrrrrrrr buy it all cash and look at delayed financing.

It may be harder to find cash flowing properties but that will ensure you are not buying the first property you encounter. 

It's great to hear from another newbie who is encountering similar issues and learning along the way.I've been through all the podcasts twice already, but putting theory into practice is an entirely different monster.

If you call enough vacant properties, it's not a matter of if, but when you encounter this.Also, don't hesitate to text the owners or their relatives if they won't answer or won't call you back.  

Without knowing very much about your financials, my general thoughts would be to wait.It sounds like you would be in a very hard place if you encountered unexpected repairs, if there was an extended vacancy, or any other problems from a laundry list of other possibilities.

If you send me a PM I can tell you of the different investor specific brokerages I have encountered and why I decided to sign with KW.Best Regards,Scott

They are not aware of what hurdles their closing departments will encounter to get your loan actually closed.  

So far in my brief real estate experience I've encountered very polarizing viewpoints on lead paint. 

I asked my HVAC guy and he said he had encountered similar problems like the one I had.

The goal is to keep the rent in line with market rates without having a huge sticker shock to the tenant.I have to take exception with the previous comment that it's in the PMs interest to have lots of vacancies, so our interests are not in line with the landlord.