I bid the starting bid with all intention of bidding til I met the reserve price closer to the end of auction...

So well see, I dont think this is going to go anywhere but ill keep you updated.O and I still do want to purchase the property because it is a great deal.

I have no intention to deceive or be unethical in any way, It just seems like it might avoid a potential loan rejection.

most people would recommend if you have equity, then it is a good idea to refi to a conventional loan IF you purchased as FHA or with the intention to owner occupy.

What about letters of intent instead of offers?

Ill tell you what, some of the wealthiest guys I know make way better returns wholesaling and buying solid rentals, than rehabbing.I started out rehabbing, as I came from a construction background.

From there we issue a letter of intent via a canned form and give the seller several options.

What are your intentions?

The main thing is to communicate with your family about your intentions.

It is mentioned that the intention is to purchase said note and hold on to it long term.