It was not performing well so I bought it on a temporary (two year) bridge loan.While that was going on, I was busy raising money for more deals in Houston. 

Should I let a "temporary" problem get in the way of what seems like a deal worth closing?

Put in a lowish offer and find tenants with good credit scores, clean backgrounds, not temporary employment, good references.Other questions: - If all goes well I could refinance into a conventional loan with 20% down after the seasoning period or about a year.

Some people need a temporary place to live for a few years, whether it be to repair their credit, going through a divorce, relocating for a job or they just outright prefer to rent over own. 

I am living out of state due to work, but am in the process of acquiring a new property in my home state for the purpose of 1) temporary living arrangement, due to possible relocation back to home state, and 2) eventual long-term rental property as this one will cashflow very well.

hi richard. keep this in mind. your best deals out there are NOT listed. realtors serve a great purpose. but they don't have every house that is avalible. i find houses all the time that are vacant for one reason or another. most need serious rehab. my advice to you is to look around. look for houses that are obviously vacant/ abandoned. i know this doesn't help you with finding a place for yourself and all of your belongings, but if you can get into something temporary for now, you can hone your skills in finding just the right place. good luck to you

This is for you buy-and-hold types that are now at the stage of looking at your 'permanent' financing; no point in doing this on hard money you're about to refinance out of, or any other 'temporary' financing that's holding you over until you cash out based on ARV.

That way they can plan for temporary housing while their home is ready.

I purchased both as temporary residence hoping to rent them after I move out.

In the mean time, you have missed out on many other excellent applicants.The 'rules' are a temporary substitute for judgement which develop over time.