hi Melida. i currently own a 2 family in the bronx and also bought i using an FHA loan. i purchased a home that was being sold FSBO. he agreed to drop the price 15k off the bat since he was saving the agents comission. i just used an attorney provided by my employers pre paid legal benefit. no agents were used. i am biased but i think the Fordham/Jerome area is a great area to invest.

The 70% rule you quoted above is a common quick evaluation method.

I have looked at employment and growth rankings online and things like that but I also like to hear it from actual investors. 

I've read a lot and listened to a lot of BP podcasts, but not sure what financing methods might work here (if any) or if FHA is the best option.

I listen to the podcast just about every day and I wanted to see if you guys could recommend some books on the different types of lending methods out there.

I listen to the podcast just about every day and I wanted to see if you guys could recommend some books on the different types of lending methods out there.

There are two formats, either an IRA owned LLC called a "checkbook IRA" or a Solo 401(k) trust which is available to those who are self-employed and have no full time employees. 

Sometimes, I will drop fliers off at local self employed businesses.

IRL I'm the type that's perfectly willing to say "good question, I have no idea, I don't do reverse mortgages," but some folks might not want to sound like they don't know something (esp when speaking to a real estate agent), so they just repeat the general documentation requirements for self employed people when you ask about rental income.To find a REI-friendly local lender, go to your local REIA meetup and ask them who is doing their loans. 

The only security deposit deductions should come from move out damage.By this method your property is always in tip top condition and turn over costs are reduced to your normal wear and tear items.