If you're looking at a property that needs rehab - look into a fix & flip loan.

I have one property that I bought last year for $475kCurrent value is $520kInterest rate 6.75%loan amount is $352,000 (I put 25% down when I bought it)Monthly P/I escrow is $2680Rents for $2400im debating putting 100k on the loan and recasting it. this will lower the payment roughly $650 a month and will make it cash flow.

I have a condo as a rental with minimal loan balance in San Diego. 

To address this, we agreed that I would work in the business for six months to verify the financials, which so far align with his POS system.My main issue is that at 23, I don't have strong financials to get a conventional loan at 75% LTV with a ~7% rate, and the seller's lack of financials complicates bank approval.

The seller would be stuck with an illegal living situation, possibly dealing with the city to avoid lawsuits, and they have to put the property back into its original condition on their own dime.

However, anyone with international experience that applies to my situation, it would be nice to hear from you. 

@Martin Yip Toll SoTypically only homes assumable are VA loans which you would not qualify for

VA loans of course being an exception!

So she failed, has no documentation and may as well be making numbers up. thankfully its only a couple grand not the end of the world just move on and dont get so wrapped up in it... we all have bummer situations that cost us money it happens in RE ..

Lately, we’ve found a couple large national HML’s that have good terms, very deep pockets but won’t allow 2nd position loans.