For an FHA owner-occupied low-money-down loan, perhaps don't apply until your next purchase?

The school ratings and low crime rate is what attracted us to the Sherwood area.We made an offer on the house originally to be the house that we live in.

As a private lender, I have worked with several investors where they have purchased the property at low enough values that they had little to no money in the deal.  

I was thinking it would be wise to keep my payment as low as possible, but this seems like an opportunity to borrow at a low rate.I am trying to grow my portfolio quickly and I do have another purchase lined up.

The odds of hitting an owner at the exact time they are motivated enough to sell with a direct mailing piece are very low.

Frank used lot rent (not home rent) and used 40% expense ratio (0.6) which gives a reasonably low offer price.  

We pay for heat and water.

You've received some great advice on this post from fellow BP members but ultimately, nobody knows whats best for you, your family, and your future business plans better than you.With your income, available liquid, interest rates as low as they are now, and location, I think looking into a 203K loan for a fixer upper home is an option that may interest you.

I have a few low value REO's in a portfolio in a few different states that I am looking to liquidate to minimize losses, anyone know of any creative ways I can get these off?

It's costly and the ratios are low (like 1 deal per 1000 mail outs), but it's effective enough to do.