If the place is otherwise acceptable settle in a enjoy.

The banks are unwilling, or that would have been my first point of thought.

I use Centennial Bank for my commercial loans.

DTI= $55K/$108K = about 50%From reading, it seems to me that part of the reason banks take 25% off of the gross income is to cover for PITI, so it would seem redundant to count it again as in example 1 above.

You will be paying more initially on a "double mortgage" - one to her and one to bank but it would make you both money until you have enough capital to do it without her. 

I posted numerous times about how everyone and their mothers are in the game with the rising market, I got to auctions and there is like 100-200 people in Bergen County just driving prices to crazy levels... if it's not the prices being driven up, the bank wants something totally ridiculous. 

The best rate I'm able to find on $449,000 is 4.75 paying 2 points.Can the bank typically do this as two loans? 

Try North American Savings Bank and First Western Federal Savings as leaders in the field.If the trust is under an IRA, then you will want to be sure to educate yourself on the concept of UDFI taxation on debt-financed real estate income.  

Will bank jump in just before the tax sale then?

You can then send a letter to whatever that address is.Couple things to look out for: (1) type their name in the property appraiser to check if they own multiple properties - if they own 5+ properties it's not worth your time mailing, (2) many vacant or abandoned houses are REOs - make sure you aren't sending mail to banks, corporations, etc.Lastly, if I was doing driving for dollars, I would not mail a yellow letter.