Conventional wisdom is: at least 3 years in business and a company over $1M

The only thing I can suggest is to go and have a sit down with a couple of different management companies that specialize in managing vacation rentals and gather some information from them.There are a lot of vacation rentals in my area, but oddly, even though I know a lot of people active in several different areas of real estate, I don't know anyone who has vacation rentals (except for one friend with a B&B, and that's not really the same thing).The only thing I know about vacation rentals is that they are extemely management intensive and the management companies charge a substantial fee.You have turn over every week, and someone has to be there to clean, repair, asses damage, and inventory all the household items.

Those numbers do not fly in most states.In my experience and after submitting approximate 50 offers in March alone on REO inventory, the lenders after they acquire the property are not willing to sell at a great discount even after 100-200 days on market.

Once the short sale is accepted, which would include the homeowner doing multiple things with the lender, then there isn't anything else they need to do with the lender.HML's don't care about time frames on chain of title like many conventional lenders do.

You can refi out into a conventional loan before 1 year is up but be sure to document everything that you do to add value and take lots of photos.

A conventional loan is almost certainly going to base the LTV on the purchase price.

If you are marketing it normally it is going to need to sit on the market for sometime because of the amount of inventory in the market.

Shortsaling a listing going to a normal end buyer that is getting a loan from a conventional bank?

I will consider all options, including hard money loan, I just need to carry this part the balloon payment so I have a bit more time to get convention arrangements made.My "credit" is good but right now my debt/ income ratio is a little high.

Maybe things are different in OH, but here in FL, a bank will not do a conventional mortgage on a house that is not C.O.ed (Certificate of Occupancy).