We are currently applying this toward the mortgage. :-)

Do you know offhand if that law still applies if I make it clear that I'm soliciting LOAN funds?

One or both of you will have to apply for loans individually or jointly.  

While banks were previously allowed to apply the value of their MSRs to help meet Tier 1 capital requirements, the new capital rules limit the amount of MSRs that can apply to Common Equity Tier 1 (CET1) capital to 10 percent.

We've found that we can apply for at least 2 loans at the same time from our bank which is a small, local credit union as long as we have the down payment, tax returns, etc. so it makes sense to ask the loan officer you are working with whether they will do 2 or more property purchases at the same time.

Within a year or two you can apply for another loan and include that net rental income as part of your monthly gross income. 

Ill try my best to apply this.

I applied for a 203(K) conventional loan and I told him I'd be holding or resealing...not certain which one.If you want his information, feel free to PM me and I will provide his contact information to you.Just an fyi, I was asked why I was using an out of town lender when there were local LO's who provided 203(k)'s.

If yes, then it will be better value when you apply a discount to the UPB.8.

This deal is not going to be accomplished safely as most approach an option to purchase, your agreement could well be 100 pages or more, addressing terms of sale, how liens for advances are applied toward the purchase, your interests acquired prior to other liens filed, insurance assignments, that's not counting lease assignments, attachments of lease terms and conditions, maintenance agreements and schedules, authorization to encumber the property and to pay liens.