You may dispute my gambling analogy, but owning rental property is absolutely gambling.

If only real life would follow my goal guidelines.

The numbers usually don't make a lot of sense, and "investing" with the primary goal of getting appreciation is speculative at best, and would be considered gambling by some.Don't get to hung up on the 2% rule.

Different lenders occasionally have different seasoning requirements layered on guidelines from Fannie and Freddie.

Good luck interpreting minutiae in the guidelines above.

It's an FHA guideline, not lender specific.

Hard money or your own friends and family- both fall under the non-institutional.I personally think this is a great position to be in, but bankers have to work within guidelines, so when he couldn't do the loan, he was probably being helpful - trying to steer you to someone who could actually help you.So - to find a lender - you need to find someone in your local area, to whom you can show the previous financials and who will understand that you are uniquely positioned to resurrect this business.

These are basic guidelines to keep in mind when looking at properties.

What are some basic guidelines I can give her that will help her to identify a property worth putting an offer on and then, without knowing the repair estimate, determine an offer price?

You either fall within the guideline or you don't.What your current lender may be trying to do is get you a lower rate by getting you below 417k, which essentially could be done on a higher low amount by paying for a lower rate.I agree with Dion DePaoli, you should get your Realtor out of the middle and talk directly with your LO.