Definitely have seen banks more than willing to give out a loan more than double household income.

The homeowner wants $478k for his home.Its a FSBO.Beautiful huge two story home,4/3,river front,wonderful neighborhood. I'm not sure what to offer him and can this property be assigned. Please help me! This could very...

Some of it depends on if you are using cash, using private money, using banks, or using Subject To and Wraps.

ON A SIDE NOTE: I have a good friend who I trust, who currently doesn't have a job but has around 100k in the bank and is looking to partner in some way/shape/form to make some money in Real Estate.

Until you meet outside Lender's seasoning requirements, couldn't you be your own bank?

The helix is not “assumable” in the true sense, as in they apply to your bank and become responsible for the loan And relieving you of the loan.  

When established in the correct order the Land Trust doesn't trigger the same red flags with the Due on Sale as the direct transfer of a deed into an LLC, and the Land Trust can be created in such a way that your name does not have to appear on public record for the property - you can have your attorney sign for it as a "nominee trustee" until it is formed and then have it pass down to you after the signing is complete.This is a much more flexible system that works at large, but if you can find a bank that works direct and favorably with an LLC that is generally a bit easier (though your name will still appear on public record for that property.)This isn't legal advice, just my opinion as an investor.

So you would be taking $70K - $75K+ to the bank.  

It would probably help if the story you told was about accessing the equity to purchase further income producing assets rather than fly to the caribbean and buy an Audi.By putting together a small but professional looking package and going to sit down with some community banks in person, I think you'll get a tremendous amount of experience and straight feedback on what's possible or not and why.Good luck!

Just ask yourself how much out of pocket is comfortable to you and just bank on 2 of the 4 wealth generators.