Have a buyer for a home that i payed cash for. Buyer is 4 months away from repairing credit to get approval for loan. Should I set up a RTO or just rent to them? Whats the best way to set up a RTO? Have 30K into house...

Hey Jake-I'm a licensed broker in IL, MI, and WI.  

If you're only buying it slightly under market with FHA (presumably 3.5% down payment) you'll be at 96.5 Loan to Value (LTV) on the first day you buy the property (bit higher if you factor the upfront financed MI of 1.35% into your loan to value would be ~97.80% CTLV - combined loan to value)I've worked with many investors on these scenarios.

=)The above is true.He can refinance his primary into conventional to as high as 95% LTV with no mortgage insurance if structured correctly so it depends on appraisal values in the area or you can use one of the 4 FHA exclusions above to use a second primary home through FHA.I believe the conventional refi route is easier and a chance to potentially remove the onerous FHA monthly MI as well however its case by case on each loan scenario.Another option if there is enough equity is I can refinance the current loan into a 80/10/10 with 80% first loan, 10% second home equity line of credit, and 10% equity (if there isnt much equity) this also yields a no monthly mortgage insurance scenario since the first loan is 80% LTV or less.The down side is to use rental income on the new home purchase from your current home will require documentation of equity in the current home of around 25-30%.

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Hi there, Me and my wife have a cabin in Northern Michigan that we rent out in summer.

Having trusted "boots on the ground" is something that is rare to find, but is possible.Having spent some time in California myself, I can't imagine how people start investing out there.I'm lucky to live in Michigan, because that is where I invest, and don't have to find boots on the ground.With that being said, I'm interested to hear what everyone else has to say about this. 

Hello All, My wife and I are new investors, currently living the DC area (military) but looking to invest in our college town of Lansing, MI (Anyone out there?)

@Amit M. I

Here in michigan it seems very high.Anyway, thanks everyone for the advice and I look forward to learning quickly!