It sounds like a similar process, with strict guidelines in preservation of the neighborhood which is understandable.  

the crash ate that up and the new tight lending guidelines required higher downs and more equity!

Conventional financing guidelines require that the loan amount is the lesser of the appraised value or the sales price.

I do think, though, that since the IRS "guidelines" are the only guidelines available now (other than FASB 13, a whole 'nother story) the courts will likely use them when making a determination.

Unless you have a true deadbeat this will work.In most cases it's a matter of having the tenant realize that rent is a priority - before car payments, alcohol, cigarettes, recreational drugs, child support, vacations, gambling, haircuts, and dining out.

I'd have a better idea of this example if I could read the guideline. :)

It now appears while the original draft required 1/2 the amount be paid before a balloon payment could be required, it appears now that no balloon payment may be required, another was with a reduction and not within 5 years and that terms be in line with Fannie Mae guidelines.Now, saying within Fannie guidelines doesn't mean holding a borrower to identical standards, it means as to general lending practices.I was just reading Fannie purchase requirements (meaning what they require to buy a note from a lender).

Good points Gary, there are a lot of restrictions, just make sure you understand them and work within the the guidelines.

The trend nationally is to use ANSI guidelines to calculate square footage.

Aquire lists from title companies, and mail people who fit your specific guidelines asking them to sell to you.