Could you please explain because with literally everything being brand new and only having $63,500 into project i thought was a no brainer to rent.

hey Phillip, try these locals: Resource Bank, Home Bank, Gulf Coast Bank, Bank of Louisiana, Fifth District Bank, Metairie Bank, Hibernia BankGood luck!

That being the case, and in the event that a HUD home/foreclosure is purchased, would the bank pay his fees? 

.- Stated income HELOCs are starting to come back, local to me, regional banks only.- There are also portfolio loans that'll just use appraised market rents to document income, no tax returns needed.- A commercial loan might be an option.- And, last but not least, there are of course hard money loans.

You can cash out without seasoning with a portfolio lender or any bank that doesn't sell their loans to Fannie Mae or Freddie Mac.  

I explained to them how I could help them avoid the repairs and closing costs which I believed they liked as well. 

This would mean the Bank would see the purchase price as $300k, so the seller would need to come up with Downpayment plus $250k. 

Personal guaranty really depends on relationship with bank and secondarily, your net worth.

Also, what type of bank or lender would loan you money on this type of investment??

“Why would you pay me 6% when you could get 4% from a bank?”