I told him unless he lets me hire someone (we have had 3 good people apply), then I WILL NOT be returning after maternity leave. 

Accept whoever applies" is an idea that would cost you a bucket of money in the long run.Bankruptcy is usually a "no" unless it appears to be a one-time event caused by something out of their control such as a massive medical bill or a business failure. 

Thanks for any help’ Yes we're licensed there and FHA guides in one state apply to all states unless a state has a specific law that supercedes the FHA lending guideline.FHA is always 3.5% down minimum (in some cases less because you're using a DPA or down payment assistance program or 2nd lender to put down over all a lower down payment than 3.5%, Aka for instance 3.5% DPA + 96.5% FHA = 100% financing but just dont kid yourself this is fully 100% leverage and to be used with caution and carefully).In the case of 2-4 unit FHA is still 3.5% down payment @Matthew Kwan @Carlos ValenciaThere are rules regarding FHA such as:- primary residence - you must occupy one of the 2-4 unit property as your primary over 50% of the year and the underwriter needs to believe you will remain and have the ability to live in there, any deviation from this and you'll get a whole laundry list of conditions asking you to prove why you should be believed to be living or will live there (if this arises dont be surprised, it just means the UW doesnt believe you).- SS rule - self sufficiency rule - gross rents of all potential units 2-4  X gross rents at 75% needs to meet 1:1 or 100% of the monthly PITIA payment or greater.

Once you have REPS the distinction between passive income (or losses) and active income (W2) disappears and all those tax losses you have been banking can be applied to the W2.Good luck

We are open to STR and just applied for a license on our current place.Looking off-market now because on-market is so slim. 

Payments will be applied first to accrued interest and the remainder to reduction of the Principal Amount.

Quote from @Jason Bohling: @Saad D. never paid attention to the 1% Rule, and while some people in some markets can occasionally find a deal that it will apply to, it isn’t feasible in most situations.

Quote from @Sam Yin: @Carlos PtriawanI have to believe this applies more to the bigger institutions.

There are great people in both roles who are totally awesome and the negativity you hear about Wholesalers does not apply.

I stand corrected:)They do have an office in Metro Detroit and while we're far from perfect, we seem to get a lot of their unhappy previous clients.In our opinion, they built a system for Class A rentals - where tenants have 680+ credit scores and rarely have to be evicted or trash properties.They then tried to apply their processes to Class B & C rentals and that's when their service issues increased.All this caused them to recently significantly increase their Flat Fee pricing and monthly minimum charges.