Can you afford to carry a negative cash flow for several months if necessary? 

They will be good people, but many will not pay like clockwork and they will not be able to afford much rent.

Two of my friends text me photos when they are shopping for furniture, rugs, window treatments-so I can help them decide what to choose.

If you can't afford to (or are unwilling to) fix the issues that impact the health and safety of the tenants then you shouldn't have bought the property.  

1st off neither of us  can leverage our credit.  he has $10k to invest. i can rehab on a dime, and bring a lot of value with minimal cost.  (tools knowledge of outlets/discount materials & sweat equity)WHAT DO YOU...

It turns out that Fannie won't do the deed restriction if it is for an affordable housing loan but they WILL do it for a conventional loan.

My goals for the future are to gain enough revenue from wholesaling that I will be able to afford my own properties to fix and flip and also some to keep as rental properties. 

If you can afford a more costly property, you can realize a much greater cash flow, wind up with better tenants, a better property realizing more appreciation, and have an easier time renting.I have some leads on some quadplexes, and duplexes in the Tampa Area, if anyone is interested.

Hi Corey,The strategy we took with a 203k loan was to get into the 203k loan first, and pay the PMI, and then refinance as quickly as possible once the renovation was completed and we had brought the property value up, so we could get rid of the PMI.This is a more expensive option (you pay two sets of closing costs), but we couldn't afford the up-front costs on a conventional renovation loan, so it's what we did, and the numbers worked out once we evaluated the savings from eliminating the PMI.I would shop around different lenders to see what kind of conventional renovation loans they offer.

Debt to income ratio: They need to make sure that you can actually afford to pay the loan.