I'm not familiar with the specific act that you mentioned and I do have a couple of loans in IL.

I have no affiliation with them I've only used them both for my personal home and a couple investment properties - but have Styron give you an estimate.

So...a couple of clarifications....Lienholders don't start short sale processes.

My lender knows I have more than enough in savings right now to cover 25% down and a year's worth of payments on the loan, so they pre-approved me just a couple weeks after I had just closed on my first primary residence. 

I'm seeking multifamily homes and have a couple in mind I'd like more info on. 

A couple of you mentioned the importance of not getting into negative cashflow on a particular property: while I don't expect to get into that situation, does it matter if a property is in negative cashflow if it allows me to purchase a new property, and the combined income from both properties has a positive cashflow overall?

We have a large house with a lake view that is currently rented to a retired couple while they build a house (cough, McMansion) on their own property just below the rental, directly on the waterfront. 

You'll need a couple months to cover expenses but it does depend on the financing company that you use.

I'm in Dubai now for a couple of weeks but definitely want to sit down with you when I get back stateside if your in Nassau or Suffolk Mid-September.  

However, they're going to want to see that you have some cash in the bank and no HML is going to give you loan if you only have a couple thousand in the bank.