Local banks have in-house approvals for loans, so often you can explain your case and get more leniency than you would at a regional or national bank.

@Katrel Kelly Ask for a recent Proof of Funds **from a legitimate financial institution!!!

The good news is we are a nation of LAW and thus she should be able to get some relief from a 2nd year law student I would think.

I am aware that it is difficult wholesaling a property that is owned by a financial institution but it seems like a good deal.

Hi BP Nation -Maybe I'm just slow today.

@Vickiel WoodardFirst, congratulations on taking some VERY positive steps under difficult personal situation.I would guess from your post that you have some expenses to incur for repair, rehab and carrying costs, before you begin receiving income.If your intent is to hold as rentals for good cash flow, a fix n flip type lender (where most SFR investor lending is available), will probably not be interested unless they believe you plan to sell after rehab.As you stated, you won't qualify for a conventional or institutional loan, not only because of credit but also because of loan size.The suggestions made by posters so far are some version of(1) sell as is one, two, or all(2) sell one and use proceeds to fix up other twoNot bad advice, depending on your goals.These lower end houses will sell for a VERY low price in relation to their rental income because (1) tenant types will most likely be a problem or at least be high maintenance, i.e. chasing them for rent, high turnover, life crisis, employment problems, etc, and (2) unless area undergoes gentrification price increases will be non existent (3) effective outside property management is probably not available.So, if you are able and willing to manage the property and tenants yourself, keeping the properties as cash flow rentals can be a VERY lucrative activity.I would find an experienced contractor, and talk him into either (1) partnering with you by providing his services as a contribution for buying an equity interest in the houses or (2) accepting a lien on the properties in lieu of immediate cash payment to perform the necessary rehab and either making monthly payments to him to pay off the lien once the units are rented or paying him off by refinancing once the properties are rehabbed and income is established, though as mentioned a loan would be somewhat difficult to accomplish.An alternative is to attend your local REIA meeting, and discuss a partnership with some of the more passive investors.BTW, are you paying typical credit card interest rates of 12-24%, or did you get an introductory deal giving you a low or no interest loan for 6 -12 months?  

Most banks have federal regulators or are in a correspondent banking relationship with nationally chartered banks.

That said, you should know the following:Wisconsin DOJ was successful the other day in stopping Vision Property Management, one of the nation’s largest operators of rent-to-own residential schemes from operating in Wisconsin. 

In the past, I have been a loan officer for broker companies and national banks. 

In my option taking just one of the week long classes with the CCIM Institute will teach someone new coming into the business more in a week than they could learn in 2 years in any other place.John Miller CCIMhttp://www.commercialrealestatephoenixarizona.com