You need to ask yourself why would the bank take a gamble on you if you are not willing to gamble on yourself.

These are great guidelines, Learn how they affect your offer and your numbers.

@Darren Sager Its true you needs to learn the "Rules" Like the 50% and 70% rules but those are just guidelines used to do preliminary analyzation, they are by no means meant to make a final decisions.Im actually suggesting you get a detailed spreadsheet and learn how to work it, by doing so you will force yourself to learn a ton.

@Elisha Keller I would check out the ultimate screening guide by @Brandon Turner athttp://www.biggerpockets.com/renewsblog/2013/01/27/tenant-screening/As far as my own personal experienceI use the usual 3 to 1 guidelines for income.

Its my opinion this creates a better relationship between myself and the bank, I can get more flexible terms, and there underwriting guidelines are less stringent.

@Joe Butcher Thanks for the reply.I know FHA and also conventional financing has minimum guidelines for the condition a house must be in.

I have been able to refi as quickly as 60 days from rehab completion, the guidelines i gave your are just what a new lender will likely tell you.Here is a post where i describe exactly what i do.http://www.biggerpockets.com/forums/48/topics/100685-here-is-how-i-do-it-please-critique

E-mail to this address is handled by an auto-responder which responds to the enquiry with more information about the unit/property, a copy of our application & guidelines, and available viewing times.

These are guidelines from Fannie/Freddie and the actual lender may put further restrictions on these guidelines.Cashout is limited to 70% for one unit properties and 65% for 2-4 unit properties.

I think it's more important to assess your goals and come up with investment guidelines that fit into those goals.