With regards to the 50% I think you may have confused it with the rule for 401k's where you can borrower the "lesser of," 50% or 50k from your 401k and the time frame guideline is another mix up with 401k's that allows you to take a withdrawal from your 401k (non loan) and return it before 60 days.

You can buy properties on the financial guidelines that you would for a flip (70% of value minus repairs) and keep them as a buy and hold.

Who knows, use the current guidelines from your bank for the type property currently used.If there are credit issues now, chances are without handholding and guidance there will be later, perhaps not as bad, but again, interest only doesn't demonstrate the ability to reduce the debt, just to carry it.No legal issues really on this as it is family in connection with an estate, the note must be properly made however and secured.There are usually more issues with these matters and not knowing the goals of the note holders, I can't advise.

Because that is your intention, any lending must conform with residential guidelines, and most hard money lenders aren't licensed for residential and won't take a chance on funding a deal that is clearly residential in nature.

I can relate to Eric with the lost opportunity cost of not buying at all with regards to appreciation, tax benefits, cash flow, and having the tenants amortize down your principal balance.I assume your cashflow of 800 assumes you rent all units out and yeah perhaps you'll just break even for one year (recommended if you do VA you should file the first year's tax returns at the property so you're documented to be in compliance with VA primary).After you vacate the property you now have an asset producing income for you even if it's at market value when you bought it.It's all about managing your cash flows in good and in bad times so it depends on what your contingency plans are in the event a tenant moves out, you're at 75% occupancy, 50% occupancy, RE values drop and your over levered, etcUnique Dynamics of the VA Offer below:VA loans also have a:2.15% upfront financed VA funding fee (VAFF) if you put down 0%1.5% if you put down 5% or more1.25% if you put down 10% or moreIf its your second use you will have 3.3% VAFF if you put down 0%1.5 and 1.25% guidelines still apply for second use VAFFThe VA nonallowables are costs that the buyer is not allowed to pay so you'll have to strategically structure your offer so that it will be competitive with other buyers as well otherwise if the seller has to pay the below it may make your offer less attractive - FYI- escrow fee's or settlement/closing fee's- loan origination fee's other than points (underwriting, processing, etc)- doc prep fee's- application fee's charged up front for loan- pest inspection fee for your property- attorney fee's (if for other than title work)- assignment (if buying a loan or property assignment)- copying fee or email fee etc (lots more but those are the main ones)

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. :) He mentioned a home with a basement that he plans to rent out so it all depends on the zoning but if it is in fact a SFR with a basement its a single unit and can be financed with as low as 5% down with potentially no monthly MI.Your guideline info is correct however it does not account for niche programs like Fannie's "My Community," program which can finance owner occupied first time buyer properties up to 4 units with as low as 5% down from a traditional sense, however there are other more advanced methods to use as little as 0-10% down to buy 4 unit properties if you buy it "right."

Don't mean to be critical but the ability to qualify for a loan you need to meet the lenders guidelines and one of the first requirements is the debt to income ratio.

I would look to see if you are gonna have any legal or HOA guideline issues with renting out the property once you move and start to rent it.That property tax number is crazy for me.

I have a few questions: My FICO is still in the 620-640 range.1) I know Fannie Mae's guideline is that you cannot get a investment property loan for 7 years after BK, but what about an equity on your main house that you occupy?