Personally, I’m not surprised because many families simply bought more house than they were ever going to be able to pay for, no matter how highly they were rated by mortgage calculators when they originally applied for a mortgage.

So if a trading company can prepare taxes for "profit" based on total of what they sell vs. cost (what they paid for the goods), can we apply the same for a R.E.

Instead, I was able to live in a much nicer place because there is a limit to the rental market that does not seem to apply to owner occupied homes.

Postal Service address,Voter Registration Card,Federal and state tax returns, andDriver's license or car registration.The home is near:Where you work,Where you bank,The residence of one or more family members, andRecreational clubs or religious organizations of which you are a member.You can exclude up to $250,000 of gain ($500,000 if married filing jointly) on the sale of your home if you meet the Eligibility test.Eligibility Step 1 - Automatic DisqualificationDetermine whether any of the automatic disqualifications apply.

@Joe Hausen You said "with the brothers getting out of the SFH then I would be the first in line to purchase the property to flip", but, would that only apply if YOU do the first flip?

I can't think of a city where this subjective metric does not apply. 

Hopefully you are applying some techniques that may land you some generous returns on rents.If the prices in the market are high I'm pretty sure rents are skyrocketing as well.  

Our ad specifically said do not apply if you  cannot pass a criminal background check.  

Because of the Dod Frank act I'll have to learn this stuff all over again applying the new rules.

Hi @Shawn WestA rent credit is either applied toward the purchase price or the down payment, making it a financing instrument which comes under Dodd Frank Jan 10 2014.See and understand this Dodd Frank SummarySellers Concessions with FHA See Sellers Concessions 2015Think of concessions as money to help buyers with closing costs.