It will be owner occupied for a minimum of a year and i currently own my own condo which i will rent out so the multifamily will be my primary home.FactsPrice range for the property is 300K - 500KMonthly payment for all properties i have explored with agent is 925-1230 (all the analysis factored in projected rental income and maintenance and most of them were already rented which gave us the rent needed for underwriting)Current cash saved for downpayment = 45KIncome = 80K (45% is 3000/month)Condo PITI+HOA = 720  (currently FHA)(market rental for similar units in my area is 1000-1200)Total monthly debt + Condo = 2000 (approximately 250 is credit card debt at 0% that can be paid off if needed but have been saving the cash for DP)As you can see i will not have enough for a 20% down conventional and cannot go FHA because my current place is FHA financing (the refinancing process would take too long to switch to conventional).

He does want a profit...Here's the numbers: ARV: $122-133kRepairs: $10k (according to owner its cosmetic and external freshen up..sounds a bit much)Mortgage: $42k (approx.)His pocket $: $20 - $50k ($30k would be more ideal..his words)Assign fee: $10kThank you in advance!!!

He does want a profit...Here's the numbers: ARV: $122-133kRepairs: $10k (according to owner its cosmetic and external freshen up..sounds a bit much)Mortgage: $42k (approx.)His pocket $: $20 - $50k ($30k would be more ideal..his words)Assign fee: $10kThank you in advance!!!

The fear factor of calling back has already gone from where I started at maybe an 8/10 down to a 2/10, I think this is the main thing that keeps people from getting started.  

It's a long shot depending upon factors that include the owner's fiancial profile, but a bank may want to do a SS vs foreclosure.If the bank will accept a SS have him list it with an agent and make an offer.  

The biggest determining factor is whether you have applied for credit.

It just reduces one of the many factors that could stop the deal from happening - mortgage contingencies. 

Also not sure about other factors.

Factor those in and I don't see any other reason why not.

Roofs maintain the integrity of the rest of the house and should be maintained as such.The price in which you purchase the property should factor in the age of the major mechanics along with windows, roofs, and siding considering where they recommend in their life cycle.