I would use the new FHA loan and apply for that.

IE - they're stringing you along to get exposure to deal flow, and they're not making any tangible or material commitments to being your financial partner, unless it's an absolutely incredible deal that they cannot afford to miss out on.

When possible, if the prospects are active vacation rentals, it's best to request copies of full financials or bookings.

Hi @David Flores,I don't know the ins and outs of FHA bank mortgages as I have yet to use this type of loan. 

Also check with @Joseph Chiofalo for some further STR investor loan programs and he has a close tax rep we work with.

I am trying to raise the 10% down and bring in a partner or GAP loan person.

What if no other insurer will provide a new policy, but my lender requires full ongoing coverage, and would treat a naked situation as a default, meaning immediate loan repayment or foreclosure?  

Up until the trustee sale (foreclosure auction), the home is still owned and fully controlled by the home owner.I’m assuming you’re going to be looking at off-market properties (since loan status isn’t something they advertise on the MLS so you likely wouldn’t even know if it was in default if it’s a listed property).So, in that case, you’d just negotiate a purchase agreement with the home owner and then take the contract to your local escrow/title company to open escrow. 

Hey, guys...Does anyone have any experience working with Bluprint Home Loans? 

Recommend you first figure out the property Class/Risk you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.