Hard to say what a individual institution will consider but for th emost part th escore is th emajor deciding factor.

@Denise Evans is absolutely spot on about sending in payment and receiving the Deed to the property and how long it can take; I think that should be a factor in your decision making as well.

I invested a lot of money and I was so consumed with tenants, contractors, lawyers, agents, etc. that I never factored in my daily wellbeing.

We had assumed that the tenant had paid rent to the previous seller for March and did not inquire regarding rent for that month (it was factored into the concessions we asked for and the ultimate purchase price).    

It's a lot more complicated than "this is always 5 year, that is always 15 year and those are always 27.5 year" since the determination is based on 6 factors meant to test permanence.

@joelnobles being a co-signer on your sister's lease may factor into your debt to income ratio when qualifying for an FHA loan, This would be something to discuss with your mortgage broker.Best,Johnetta G.

Not sure what your credit score is though, so that may be the only factor.

@Andy RouschThere are so many factors involved, that it'd be tough to answer this question concretely.

Ideally, he would put up the money for the purchase and rehab costs, I’d run the project and then pay him back plus profit after selling it.

If I can find one with good cashflow, that would be ideal.