@Joe Hausen You said "with the brothers getting out of the SFH then I would be the first in line to purchase the property to flip", but, would that only apply if YOU do the first flip?

I can't think of a city where this subjective metric does not apply. 

Hopefully you are applying some techniques that may land you some generous returns on rents.If the prices in the market are high I'm pretty sure rents are skyrocketing as well.  

Our ad specifically said do not apply if you  cannot pass a criminal background check.  

Because of the Dod Frank act I'll have to learn this stuff all over again applying the new rules.

I am planning to move to San Jose, CA soon for work, and was considering setting roots here since I might stay a few years.

Hi @Shawn WestA rent credit is either applied toward the purchase price or the down payment, making it a financing instrument which comes under Dodd Frank Jan 10 2014.See and understand this Dodd Frank SummarySellers Concessions with FHA See Sellers Concessions 2015Think of concessions as money to help buyers with closing costs. 

Although I do not quite remember the wording, it is something like: If you are purchasing a property for a person other than yourself to live in ( this applies to flipping as well as landlords), and you are supervising the work being done, whether or not you are having work done by a GC, then you are acting in a role of GC and/or supervising or managing a project, and this requires YOU to hold a license.  

Then, at the appropriate time, apply for an FHA loan for that multi-family.I think my first response I lost was better written but I can't remember exactly what I wrote.  

Any time a future stream of money is involved, discounts could be applied and assignments made of the income stream.