My theory is I can get the house rented asap and have a positive cash flow right away.

Some would argue that if you have a positive cash flow regardless of the number it would be worth it.

I'm not sure I understated the Washington state guidelines and I have a motivated seller in a foreclosure position wanting help.

Option 1) Offer significantly higher with a conventional loan and hope they go for it over a cash offer.Option 2) Do a 203k loan (which I'm positive they will just ignore)Option 3) Hard money loan so we can play with the cash guys...?

Otherwise, you’ll need to find a partner OR maybe you just aren’t in the right financial position to be making this purchase...

If it doesn't and the market turns, then you win even more because you were able to cash out, cash flow, and now are in a great position to buy. 

Obviously, 4 months is far short of 1 year, so I can now be more confident in my position.  

But, on the flip side, with every payment to your first position mortgage you are decreasing the event of that happening as long as you equity add from your first position mortgage grows faster than the market drop.  

I am not 100% positive about the Linear feet of countertops yet. the estimate is on 2- 10' mitered laminate countertops. 

Both rented and positive cash flow.Subject Property:  Traditional detached SF property in NJPurchase amt 410k10% down (don't have funds to do 20% unfortunately)While I am confident in my mtge guy, for prudent measure I wanted to check w/ the BP community to confirm the following..Freddie:  'My income is too high' (Can certainly give figures, but not sure how to break it down.. 2017 salary + bonus; Rental income, 2018 salary formally approved and documented, but not effective until July; and 2018 bonus (which I have received already)FNMA:  'To get a second FNMA mtge, I need to put down 20%' (which I would like to do, but cannot come up with an extra 41k)FHA:  'My only option' (with the 1.75% upfront PMI and monthly PMI for life of the loan).