Purchase price: $273,000 Cash invested: $60,000 Sale price: $375,000 Purchased the property with a "subject to" agreement, did a cosmetic renovation, cleared outstanding condo dues, and resold the property.

A second option is getting a DSCR loan.Lastly, knowingly leaving deductions off of your tax return to qualify for a loan is mortgage fraud. 

My example was to compare and contrast, in general, that you will not find similar terms to what you find for US properties. 

I think to be good at Section 8 rentals, it has to be your thing and not a one or two off.

Can you please advise me on how to purchase an out of state home where the owner has a reverse mortgage on it? 

No matter how good of a deal, it is quite difficult to raise capital from larger check writers who often have minimums they abide by.

Don't hire people to run your account to reach more people, just show up for 30 minutes a day and make good comments and good connections without asking for anything.

@Chris Porter Sorry to hear about this issue.  

I would love some advice on what to do.

Welcome Vlad to another NJ resident.