ARC was 31,000(we put about 10k in and got 5k back from energy program here in maine)gross rents 1,382owned free and clear, no financinglousy neighborhood, though it really hasn't been that bad, it's been slightly taskier than most (tenants not getting along, a couple of minor police visits, etc..)

The "shawdow inventory" appears very illusive and now the gov't is talking bulk sales to capitalized investors.

I'm using a credit union for mine...Bought a place January 4th subject to the hard money loan he had in place... am in the process of refinancing it with a local credit union... it appears *fingers crossed* they are going to allow me to do a cash out refinance based on appraisal value (75%) at 5.5% for 10/30.Easiest recommendation is simply to wear out your phone dialing...

The best program for those seeking checkbook control and maximum flexibility is the solo K in my opinion.

It appears from the comments it does not work this way where J Scott lives...

Not sure how much you're working with, but FNMA recently came out with a program that more or less has the same effect of what you have in mind

That appears to be paying cash, so there is no debt service involved here.

If it's an FHA loan and the homeowner were approved into the pre-foreclosure sale program and it expired, the bank can foreclose.

However, if the rehab wasn't huge in relation to the purchase price, this would appear to be very appealing.http://themortgagereports.com/6336/delayed-financing-rule-cash-out

Has anybody utilized this program before?