Silly rule.

That way you can use 75% of the fair market rent on your units, it will cost you a little more than a standard appraisal but will help improve your DTI ratio.

My husband and  I worked to improve our credit scores before buying.  

Make sure you get at least the 1% rule meaning $1000 of rent for each $100k of purchase.

Those are the rules I've set, and if they break them then they run the risk of incurring late fees.  

According to the IRS rules, if you spend at least 750 hours on your real estate business, and more time than any other job or business, you are considered a "real estate professional" and can deduct the losses as active losses against active income.

Or are there areas where you can improve the house in general, such as hardwood under nasty old carpets that you can refinish.

You'll likely continue to hear different stories, for the simple reason: Different Lenders = different rules/overlays!

So here's the story. My wife and I have finally started in on our REI journey and bought a second home. We will be moving into our new home (Oct 1st) that will be Owner Occupied for 6 months as we do repairs, updates,...

The 'foreclosure' was on a conventional loan so the 7 year rule seems to apply.Anyone in my situation or something similar been able to do buy and holds without those traditional bank options available?