You can't just use the line as a downpayment without actually taking a draw on the line and bringing that cash to close. 203k may not allow this, but a hard money lender may or may not, depending on who you use.

So, this is just from memory and not actually digging the numbers up again.

If the numbers work for me I will buy it from whoever brings it to me.

Like I know nothing on real estate.Listen to allEach one brings value

Both parties bring their own funds in my state so we never have issues.

This is from memory, and current rules have probably changed.

Also, given the age of the house there is probably some electrical and plumbing work that would need to be done to bring the house up to current code.

My getting financed is out, and I wouldn't even bother bringing this deal to my cash buyers.

In the meantime I am taking on a part time job and some odd jobs plus my 9 to 5 to expedite all of this to bring in some extra cash flow.

They really don't want landlords to know the numbers for the fair market rent and utility allowances, because the landlords will manipulate the asking rent to take as big a "net" rent as they can - counter to the Housing Authority wanting to restrain amounts paid out.So, you can have the tenant applicant bring all of the information from the Housing Authority if you really want to learn what the amounts are.