I'm a newbie in the process of getting my first 1-2 unit rental in the city of Sacramento, and I am wondering if any of the seasoned folks in my area know if these policies might affect 1-4 unit rental properties too, or just those with 5+ ?

That was reaffirmed by the gentleman that  I just purchased my primary residence from.

Conventional is usually 6 months seasoning some banks have overlays that require a year. 

Any tips or words of wisdom from the seasoned professionals out there?

I worked with the wrong appraiser this time. when your HML and private investors loans have  12% interest only payments, I bet you'll rethink about that 12 month seasoning period hahamost lenders do 70-75. not all. you can find higher LTVs if you trytrust me, I've had about a million people tell me to 3rd party my management however in my situation a lot of money would be thrown away doing that.

@James Dickens and @John Brady, have you found there to be a significant difference between the older and newer property expenses that would justify adjusting the expense ratio depending on age or is it close enough that it should just be kept around a 50% estimation?

On the HUD website it says only that: At least 80 percent of the units must have at least one occupant who is 55 years of age or older; andThe facility or community must publish and adhere to policies and procedures that demonstrate the intent to operate as "55 or older" housing; andThe facility or community must comply with HUD's regulatory requirements for age verification of residentsThis all seems a bit too easy to me, but can't really find step-by-step directions anywhere to do this.

Purchase price $634k & appraised value $790k, does anyone know any banks or mortgage broker that can do a refi on this property without seasoning?

Many of the older episodes are relevant but things are changing and some of the situations are no longer present in this economy.Another quick way to get your feet wet are to listen to the #askBP podcasts... they are quick 5 - 7 minutes recordings.

The property itself is located in a great area (right next to Disneyland, across the street from a school, etc.) but a bit older in stature, around a C/C+.Thanks in advance!