This is a critical bit of information you should have known before committing to buying the property.This is an extremely important issue to real estate ownership that can continue to bit you in the backside for the entire time you own the property.I am a third generation developer with a lifetime of experience with creating owner associations, CC&Rs, By-Laws, etc.It would be extremely wise if you seek the advice of a real estate attorney where the property is located that specializes in property owner associations, CC&Rs, and By-Laws.I know of a community resident that sued a neighbor because the neighbor put a light bulb greater than 60 watts in the front porch light.I know of different association that sued a homeowner because the color of the few new roof shingles to patch damages did not exactly match the faded color of the older shingles.Consulting with a lawyer may be the wisest and cheapest money you have ever invested.

I have spent a lifetime >>> decades of marketing different businesses.

Thanks Will and Chris, my intention is to quick flip it Will, an to present a purchase contract at 70% percent value of the home.

I buy a lot of property at trustees sales, but my hit rate is somewhere around 1 to 3 percent.

The commissioner may suspend or revoke the license of a realestate licensee, delay the renewal of a license of a real estatelicensee, or deny the issuance of a license to an applicant, who hasdone any of the following, or may suspend or revoke the license of acorporation, delay the renewal of a license of a corporation, or denythe issuance of a license to a corporation, if an officer, director,or person owning or controlling 10 percent or more of thecorporation's stock has done any of the following:(o) Failed to disclose to the buyer of real property, in atransaction in which the licensee is an agent for the buyer, thenature and extent of a licensee's direct or indirect ownershipinterest in that real property.

Local banks might loan in more local micro markets where national lenders will not touch because of risk.So let's say at 40,000 at door you are looking at a purchase of 2 million for 50 units.If the bank allows a seller second of 15 percent you would need to put 200k down at 75% ltv in cash to buy yourself, bank allows 10% second you would need 300k down, no seller held second you would need 500,000 in cash to put down.Now some lenders will go to 80% ltv but you will pay maybe 75 to 100 basis points more on the interest rate.You will also need over 10k easily for site inspection, phase 1,cost segregation, survey, appraisal, title search and title policy ,misc. closing costs etc.

Anybody have any other suggestions to get 0 or low percent down financing??

The 50 percent rule does account for the mortgage payment. 50 percent of the rent goes to expenses including taxes and insurance.

A few of these properties have been in the same hands for forty or fifty years, and don't appear to have been updated or maintained in all that time.

If you don't put 20% down on a FHA loan, you will pay an additional 1.15 percent (or something close to that) for PMI for the first 5 years minimum and until there is at least 20 percent equity or loan paydown.