Essentially what that means, is if you lied on the loan application and at a later date the bank figures that out, you are on the hook.Having said that, you will have a hard time getting a non-recourse on a standard residential property (1-4 unit).

When I purchased my first home back in 1994, I used my VA benefit, 100k sales price, 2k VA funding fee stacked, 102k VA loan amount.    

Being a Realtor I get to enjoy the benefits of learning the market trends and experiencing hands on transactions ,but there is still so much more to learn!!!

If your old loan was $400k and your new loan is only $300k you have essentially received taxable boot... 

But they essentially have the right to take it to deed.   

They received nothing from insurance, yet their houses were essentially worthless.

One of the benefits from my side is that we can utilize a low interest rate and small down payment cause he would be living there.

I’ll let someone else really breakdown ALL of the benefits of using an agent as a buyer lol.

Essentially, my goal would be to transition from one tenant to another in about 2 weeks without ever having the water bill in my name. 

I remember thinking it was a great idea, but wanted to make sure before setting up something like that, that I understand the pros (so I can tell others why it is a benefit) and the cons (why we may not want to do so).