If this is a stabilized property that qualifies for a Fannie Mae loan, you can roll the rehab costs into the loan.

Conventional loans are the loans that are governed by Fannie Mae and Freddie Mac (if you recognize those names).  

When the independent third party appraiser got the financials, the NOI had increased almost 20%, which is crazy good, thus equating into a higher appraised value compared to my purchase price.Here are some additional details about the deal:The deal was listed with a broker.I did a Fannie Mae loan execution.This is a value add deal and anticipate holding the asset for 3 to 5 years.

Fannie Mae, Freddie Mac and Ginnie Mae (FHA) are examples of mortgage investors.

Why wouldn't you want to use your 10 Fannie Mae loans that you are permitted to lock up 30-year fixed rate financing?

The local bank I am using in Wisconsin told me that I can only apply for a variable loan (Fannie Mae) because the address I list on my tax returns is outside of the US.

I am still interested in purchasing the property if the seller (Fannie Mae) will replace the stolen pipes (The appliances were going to be replaced anyway so I’m not worried about those).Has anyone been in this type of situation with Fannie Mae?

I buy a lot of Fannie Mae foreclosures, and they always send me a multiple offer/ highest and best disclosure form to sign.  

Paid all cash for first property (cashed in stock options from my day job to get the cash)-- now in the process of using Fannie Mae Delayed Financing program to get equity out to buy a second property.  

Google  "fannie mae landlord guide"  Its a great publication by Fannie Mae to help you through the process.