I got my pre-qualification letter from Chase about a month ago. 

8/22/2015Tiffany – thanks for the post As you and others mention, thetextbook guidelines are hard to meet in King County ( especially Seattle area ) ….as the marketremainsstrong for sellers , I would recommendhaving all your “ ducks in a row “with regards tofunds in place / lender pre-approval( not pre-qualification “ ) etc….reason for this is thatif a property thatis attractive to offer on becomesavailable – there isvery likely to be otherslike you that have been waiting / watchingfor theopportunity to buy Thanks and I hope this helps and if you already are prepared – great!...

Our mortgage broker was able to locate a different lender with more lenient qualifications.  

., whether friend, investor, or company specializing in non-recourse loans).While non-recourse loans can be structured for any term period, banks that specialize in them generally set 15 to 25 year loan payoff periods.Non-recourse loan frees up cash in Solo 401k for use in other investments including additional real estate purchases because only some of the solo 401k funds are used towards the real estate purchase that is utilizing the non-recourse loan.Since a non-recourse loan is quite different from a conventional loan, the qualification requirements are different in that the non recourse lender (assuming you are going through a bank) will NOT look at the following since the loan is to your Solo 401k, not you:Will not check to see if you are employedWill not check your incomeWill not look at your W-2’sWill not look at your tax returnsWill only look at solo 401k assets not your personal assetsSince non-recourse loan is to Solo 401k, the loan does not appear on your credit report since your social security number is not used.

Hence, we don't meet the qualifications for conventional lending.  

2) What qualifications do you put in place for your month to month tenants?

Am I simply not going to run out of my mortgage / refi qualification once I apply the strategy few times? 

Always ask for some subordinated financing with assumption without qualification and a delayed settlement and right to rescind if an assignee is not found.Consider a reserve public auction, offer the existing financing that you negotiated and any other sweeteners you can work in the deal (cash back at settlement, notes, grantees - etc.)  

Seller financing is very important - it give us, the investor, leverage and can help make us wealthy.Here are some ideas and suggestion and systems that I have used over the past 40 years of investing - maybe they will give you some ideas also.principal mortgage - give the seller the price he is asking or a little more - ask seller to take back all or part of his equity in a principal mortgage - this is a mortgage without interest - agree to pay seller X$ until paid off.always write in to the mortgage (interest or no interest) that the loan is fully assumable without qualification -  this will allow you to sell the property subject to the existing mortgage - if you are in for no interest - you can arrange your seller financing with interest.

Jacob,Hopefully you have a portfolio of the work you have done, and your qualifications.