The only difference is that there might be an explainable rationale for holding on to a property, such as a well-founded belief that equity gains are coming (such as owning a house in a rapidly growing area or property where the next commercial boom is headed), whereas with gambling your odds never change regardless of your losses.

I'm not in NYS, but in WA you can google the law and find what is required.Going off the top of my head here for WA:Deliver a copy personally to the tenant.If the tenant is absent, by leaving a copy with someone of suitable age and discretion at the rental unit AND mailing a copy.If neither of the above are possible, by posting a copy on a conspicuous place on the premises, handing a copy to any person living there, AND mailing a copy.There's also a form that goes along with notifying them.

I spent the first three or four years shaking my head because the numbers didn't make sense.

city / state reversed the law that made all drugs legal that was a bone head move .. and they finally figured that one out.. the next one they need to reverse is that any theft under 900.00 basically is just a ticket and not enforced thats also led to the rampant theft that has closed down numerous business's . 

I know nothing about head homes or government assisted housing however want to learn about it if I know I can make monthly income on it.

I think you hit the nail on the head here, PM will make $ on the placement fee and in this case, they provided the work for the turn which wasn't minimal, so they made $ there as well. 

My grandmother lived there for many years when I was growing up (I always think of the massive shark head store there), but I don’t think even she would have predicted how much it would rise.

Thanks for the heads up Matt, will do that.

And I'm projecting here, but it seems like the banker went through the list of named loans in their head like FHA, VA, jumbo, etc and wouldn't have "DSCR Loan" in a drop down list to select, as if you were asking for a FHA loan, so was stumbling a bit.I'd maybe suggest asking more about how the loans are underwritten when speaking with a mortgage officer and if saying "DSCR Loan" doesn't seem to get you traction, maybe ask something like "well, I was hoping that my request could be looked at from a DSCR perspective as well as any other underwriting you do for the best chance at approval because of XYZ."

@Mike Grudzien well, they didn't accomplish it the first time but I do think they can make it work if they hit the nail on the head with their 5 points.