The answer is yes to that question however the partner that I was counting on provide a good portion of the financing used the money on another project since we were under the impression that we lost the auction.

Yesterday I was signing my closing papers for a refi on my primary and my mortgage broker mentioned that Fannie Mae has just changed their rules about 2 years minimum to count rental income.  

We ended up keeping the home and currently rent it out for about $2,050 month (using a PM we net about $650-700/mth on average...not counting HELOC payment).    

At least Downtown LA has more space to spread out; whereas downtown NYC has only the tiny narrow island of Manhattan (New York County) unless we count downtown Brooklyn etc as part of downtown NYC.I'll never forget the walk from work downtown Manhattan to Forest Hills, Queens back in 9/2001 when everything was shut down.

The first restriction placed on us was a max of 4 properties per relationship with that bank, even if we used different LLC's, it would still be counted as one relationship.  

You would be looking at least 15K in transaction costs - 6% commissions not counting holding costs, fix up costs or seller assistance.One thing is to look at your tax situation and make sure you can benefit from the "paper loss" you will have on the rental from depreciation. 

Nope never had a BK nor foreclosure/repo nor any ongoing delinquent accounts since they're now all settled, so I'll just let those negative entries get so old enough they no longer count much against my creditworthiness and while I won't 'borrow' to build my credit I'll still entertain getting a cell phone contract (right now i'm on prepaid).To me, assets/net worth is more important than credit.

If you have the down payment, they may count 75% of gross rents toward your qualification for the loan if you have some RE experience.

I can't think of any that haven't, although I had one that considered not.On several occassions I've had to wait until the following day to collect the proceeds due to the buyer bringing a cashiers check to closing and the title company holding all paperwork until it posted.I wouldn't count on this being a solid source of income, but it is an extra option in the toolbox.

Are we counting marbles in our jar?