Profit AFTER paying off reverse mortgage is definitely under 250k, and I thought that rule applied to gross profit.

@Rudy Bello for a "conforming, conventional" loan the rule is that it does not need to be occupied if you are purchasing the property. 

Vegas Rules apply here..."

You'd probably be well served by spending 20 mins or so reading MO landlord rules/laws..... 

I would ask about strategy, contact points, find out if they know the rules offhand regarding a REI pro status, Just chat with them and see if they go more in depth than you do- if not, this is likely not their specialization 

Do they have to approve your tenants, what are the rules and regulations, etc ... 

I'm looking for a 3/2 with 1-2 car garage, simple home, the 1% rule is somewhat close to my goals as for flow that I'm aiming for.  

income, revenue to the state/county, these properties are less likely to be eye sores and can/will help drive up property values for neighbors (catch 22 here)...etc.i live in rural area on Maui and have seen my share of legal and illegal VRs pop up...i don't really have a dog in this fight either way, but would probably like to dabble in this market as well should the rules/laws change...right now the process here on Maui is just too cumbersome (probably that way to make it unattractive) to become a legal VR property.I do wish you luck and ask that you post back with your findings/results for the other Hawaii folks!

Rules must vary county to county as where I live the EM is the greater of $750 or 5% of bid.  

@David MorganWith respect to contributing to both a 401k including a solo 401k and an IRA, the rules allow for it; however, participation in a solo 401k plan may affect the individual’s ability to deduct a traditional IRA contribution; as a result, you may have to treat it as non-deductible IRA contribution.