So unless you go under contract before the 28th you will need to do FHA or find an alternative FREDDIE MAC HOME POSSIBLE® BORROWER INCOME LIMITSOur Freddie Mac Home Possible® offering serves low- and moderate-income Borrowers looking for low down payment options with flexible sources of funds.Currently, for all Home Possible Mortgages, with the exception of those secured by Mortgaged Premises located in a low-income census tract, the Borrower's qualifying income converted to an annual basis must not exceed 100% of the area median income (AMI).

Purchase price: $267,500 Cash invested: $53,500 This is an old 2 room school house that was converted to 4 units.

Should you ever decide to convert the place to condominiums, your water infrastructure will be in place.

Finding a home with an unfinished basement you can rent out, or a garage that you can convert into a living space may be a better way to go...or a home with a lot of bedrooms that you can rent out. 

Building #2 - Old large home converted to 4 plex.

The house has a swamp cooler and the only part of the house that stays a little warmer is the converted garage. 

Hey So I finally got some money saved up, I wanted to get some Information if it is worth buying a residential income Property or if I should try to go get a vacant lot loan then try to convert it to a construction loan and start building town houses but strictly for rental income. 1.

I'm in process of converting my stuff to LLC as well. 

., 2 bedrooms and a bathroom floor around 1 inch; may need 3-4 more footings and floor joists (max $3000) ....2)roof shingles replacement (~$7000).... 3) kitchen complete Reno, countertops, cabinets, appliances, flooring (~$30,000 )..... 4) on 2nd floor, add master suite by converting one existing bedroom and common area ($40,000).... 5)galvanized plumbing ($5000)..... 6) old electrical ($5000).......7) restore a garage that was converted to closet+laundry room around 50yrs ago (~$3000 max)...... 8) remove radiators and the heating unit.....

Currently looking at 4plex's or a duplex that I could convert into a 4plex within in a year.