Conventional loans are no longer an option for you as a cash out refi. 5-10 loan programs only allow you to do rate/term refi's as far as I know.To me, your best option is to go to a local lender and get a portfolio/commercial loan for the property.

FHA is not just for first time home buyers, but many states have programs that help first time home buyers fund even the 3.5% down after they've taken a home buyer course and followed some other guidelines, so worth a look into special programs if you're considering FHA as a first time home buyer.

It's usually difficult to get another type of loan program that will provide them with money to buy and fix the property.

Any low down loan program will require some form of mortgage insurance guaranteed.

More importantly, I'd identify the best of the best doing what you want to do then reach out to them and see if they have a mentor program.

Fannie, Freddie, and HUD have great non-recourse financing available but it's mostly over 5MM and it's certainly not a no doc program.

Many national programs are done that way and can be really expensive ($50k is not uncommon) so it really doesn't matter if the student succeeds or not, the mentor got paid upfront.With a deal sharing situation, if the student succeeds, the mentor makes more money.

"Originally posted by Chris Adams: Just remember that a Guru's job is to teach you just enough to get you to buy the next step in his program.

I just signed up to re-invest some of that into a local program where the utility company subsidizes insulation, and air sealing.

This includes any cost we may anticipate in running the office, also is we want to have a software program on line, this would be included in there.