I am following one piece of property in particular. Did some negotiating while it was in short sale but nothing came of it. Now the bank owns it outright, has it listed on MLS and there is a real estate agent assigned...

As of wednedsay conforming rules requier the oner to be on title for 6 months before they refi.

Could someone please find this for me or at least explain a good rule of thumb.

Play by my rules or don't play at all.....

And I understand the pro's use a general 70% rule of thumb for bidding.

Its seems that FHA loans have some type of rule about not loaning money on flipped properties (dumb I know).

Without opening a big *** can of worms and having everybody get on their soapbox about the H-I-G-H-L-Y subjective and dubious "50% rule", the answer to your question is....it depends.a) What is your strategy?

But even then I’d make it conditional, according to the rules of my living trust, upon at least the following: A) Their mortgage payment is 1/3rd of their income or less, B) They have no consumer credit card debt, and C) They have not willfully misspelled any of their children’s names on purpose, just to be different (another pet peeve of mine).

At least then, you will have fixed this by yourself and can claim that you made it right as soon as you realized it was against the HUD rules.

If so, you can deduct up to $25,000/year in passive losses under the "special allowance" rule.