1) down payment of 3.5% with FHA or 5% with HomePath2) 2 appraisals if it's an FHA (one prior to renovations and one after renovations) ($1000)*0 appraisals if it's a HomePath as they don't require them3) general inspection $5003) pest inspection $2004) contractor bids if they charge for that5) moving costs up to $10006) furniture etc... up to $20007) landscaping renovations (not covered with loans) $1000

Which, and this is important, you are bound to the terms of that lease whatever they may be so make sure you know what you are agreeing to.Search here on BP for "e-stoppel letter" that is something I would require prior to closing.

Often times you are likely only getting a Special Warranty Deed which only gives warranty during the time of ownership and does not offer warranty prior ownership.

Prior to 1 year they will only use the most recent purchase price, meaning you would still have to keep 20% in until 1 year.I have heard that some smaller banks will reduce this to 6 months, but I have not found one yet...

You may want to seek the advise of a qualified CPA or other professional prior to investing this way.Attached are some articles that may be hell on this topic.

Hello all, New here, did some quick searches prior to posting but as i am typing on my lunch break couldn't go too deep into the archives.

In your case, it almost certainly will be the cost.The personal residence capital gains exclusion is $500k married, $250k single, and you can use it if you occupy the property for 2 of the prior 5 years.

And if you can demonstrate successful cash flow on the property prior to your ownership, that might be a good start.

It's a function of Days on Market (DOM), insurability status (meaning whether its condition is good enough to permit FHA financing), and possibly whether a prior offer has fallen through.

They will say you should have researched it prior to acting.