It's a big of a gamble but if I can get an appropriate discount then I have no problem.

I wound up buying and rehabbing all cash then immediately after rehab was completed I took out a mortgage under the delayed financing guidelines.  

im sure you can there a loop hole to everything in the real estate but the guideline say you cant.

I read that the VA and FHA have strict guidelines as far as not letting you Close on a property that needs HVAC, roof repairs, etc...

There really is no downside to having an agent help you in your search early on, BUT, you do need clear guidelines as to what YOU consider a deal, i.e. cash on cash returns, total return, target rents, exit strategies etc.

They are just guidelines for you to use as a preliminary analysis.

I would find a Real Estate Agent in the area you that you feel you are most interested in and let them know exactly what you are looking for that you are interested in buying the right property that meets your guidelines.

Seller signed the paperwork and I got the money I lent him on last Friday.All in all I gambled by lending the seller money but the deal needed to get closed, and as I said I knew the seller.So now I'm working on deal #3.

Tenants who qualify by income guidelines get access to programs and resources that can benefit you.Good LuckPaul

I don't suggest the 2% rule or 50% rule, I think they are horrible rules but decent guidelines.