These "portfolio" mortgages don't need to meet Fanny/Freddy restrictions because they are NOT sold on the secondary market and kept in the lender's portfolio, hence the name.Third choice would be private lending/seller lending with neither the Fanny or portfolio restrictions.There is no limit to the number of mortgages that you can have... ask me how I know.

HELOC's in Texas are restricted to homestead properties only.

You might have misunderstood this with financing discussions where banks might restrict the amount of commercial loans they will allow you to have.

If the loan was bought in a pool there might be certain restrictions on what can be worked out.If the sellers want to do a short sale many lenders are offering a relocation incentive of up to 25k in some cases though 3k to 7k is typical depending on the state it is in and how long the foreclosure process takes there.Banks might be more open to do a short in states where the legal foreclosure process is very long, expensive, and cumbersome.You could try to approach buying the note at a discount and then working out an arrangement with the borrower if you have the cash to play.

The big institutional guys may be wary of Houston because of it's lack of protective zoning restrictions.

(I haven't tried to get approved for sec.8) Is there restrictions against that?

I just can't stand the fact that working a J-O-B sets all these restrictions that are unnecessary like I have to be in the office from 8-5 even though I can finish my work in about four or five hours.

I did some preliminary checking and it does not appear that VHDA places any restriction on the loans that they back.

In addition, I believe they out in a deed restriction that you cannot sell within 5 years, or only to owner occupants, and I don't want to limit myself in that respect.

HOAs can put in place new bylaws that restrict or eliminate renting.