I do think you maybe taking on more than you think without the resources at arms length to assist you.

Most lenders are now asking that Arms Length Transaction Affidavits are signed and notarized by all parties (including RE agents etc).

Christopher, approvals differ in length of time.

I don't know if short sales have a special stipulation, but in general, selling to a cousin would be considered an arms-length transaction.

You definitely want to determine the condition of the property, repairs needed, the length of the leases.

It loses money in my calculations:$950/month in rent against the following expenses:Mortgage Rate 6.00%Length of Mortgage in years 30Monthly Mortgage payment $447.86 Taxes $164.08Sewer and Water $-Trash $-Heat/Utilities $-HOA $-Cap Ex and Ops $150.00 (this is my minimal number per month.

Length of Self-EmploymentFannie Mae generally requires lenders to obtain a two-year history of the borrower’s priorearnings as a means of demonstrating the likelihood that the income will continue to be received.However, a person who has a shorter history of self-employment — 12 to 24 months — maybe considered, as long as the borrower’s most recent signed federal income tax returns reflectthe receipt of such income as the same (or greater) level in a field that provides the sameproducts or services as the current business or in an occupation in which he or she had similarresponsibilities to those undertaken in connection with the current business.

I was figuring 5% vacancy, 10% property management, and 1% repairs.Here's the kicker - My mortgage guy told me most banks won't touch a note that small for any real length of time.

It just makes the transaction a non-arms length transaction which will be scrutinized a LOT.

Hello fellow investors!I currently own a duplex in the Garfield Heights area, and I'm working with a property management company. Unfortunately, the duplex has now been vacant for about 2 months. Coming from Califo...