I doubt anyone from the Govt is going to show up and bust your chops for it, but the banks might eventually catch wind of what's going on and say, "hey, this guy is sort of messing with the terms of this special deal" and refuse to do any more loans of that nature. 

I own few houses, have 25% down and credit score of 760.I am looking at couple of properties priced around 900K;I am looking for recommendations for financing options that are first time friendly and can work with light documentation.

I’m heavy on assets but light on income and have no W2 income.

I think it has mold, needs new carpet, some bathroom remodeling and some light kitchen work.

Hi Stanley,Coastal properties will naturally have higher rates than inland properties.

Yes, I already deduct taxes and insurance naturally.

If you were wandering why it is so hard to find/buy anything this article may shed the light. 

I don't think that would be the end of the world.Another possibility would be to use that 5th meter as a house meter, but that would probably involve rewiring things to get the common areas and outside lights on that meter.

I have also connected with several agents and got access to the MLS where I have been finding my deals.A couple times I've been close to getting an investor to not only take interest in a deal that I've found but also give the green light - but I still haven't gotten that, along with their POF, to get a property under contract.I recently lost my job and my goal is to make my way wholesaling, but I am finding it is taking too long to get the results I needed to close a deal and get a wholesaling fee to make a living.

Like when you call to these people you don't know, one thing youd like to do is to be natural and honest but I don't know if I'm allowed to tell the truth about where I'm calling from when they asked and it actually makes me uncomfortable sometimes because I do not know what to say and your words here gives me light.