Is it so hard that I have to pay a "financial advisor" to help me?

I'm certain this is a good deal but I'm a bit apprehensive because, for 1) its outside of my Houston area Market so overseeing a rehab would be quite difficult 2) With such a large home we would face some financial challenges with doing a complete remodel.

@Dustin Palls getting caught means getting mired in a mess created by your actions.

Lot's of action here without a doubt. 

Am I living in a dreamland thinking I’ll be able to find something with these criteria and the amount I have for down payment that will make any financial sense?

However, I went to the first meeting and the main speaker was an out-of-town guy giving a super high-pressure sales job for some MLM program called "Financial Education Services Protection", which didn't actually have anything to do with real estate, other than he was pitching us to pressure credit challenged prospects into buying this (my opinion) predatory program.

I own a tax return preparation, financial planning and business consulting firm that specializes in tax returns for real estate investors and setting up LLCs for investors.

Some elements that will make a condo non-warrantable are:* High investor ratio* Insufficient reserves/Bad financials* Litigation* Buying as investment vs primary/2ndWhen the condo is deemed non-warrantable for the specific transaction, then the only financing option left is a non-warrantable condo portfolio loan.Hope this helps.

Take action, James.

Prepare your financials just like you would if you were any other business seeking a business loan.