Its a 5b/2b 2,843 sq ft home on main street in the town it's in.

I've been trying to deveop exit strategies for them, mainly in the relm of refinancing the property after a tennant has been installed.I'm running into problems with obtaining financing for properties in this situation ,regardless of LTVs.

Because I hate to back out on my word, as an exit if no buyers become available before closing, I would purchase the property myself (more than likely via HML with at least 1year before the balloon payment) and continue the search for a buyer.My main question is: Would it be worth it to hold off on purchasing properties so that I can qualify as a first time home buyer when I do purchase the owner occupied rental property?

So our thoughts are this: Let him supply the down payment money and we will do our business as usual, that being find the properties, do the leg work etc, etc.

Where are you mainly doing your buy/holds?

The main reason to do this is exponential growth and the resulting cash flow.Obviously you are good at running a business and have the concepts of cashflow down so holding commercial would probably work well for you.

I have seen MANY "resident managers" that had a pretty free hand with supplies that "fixed" and painted neighbors homes/apartments for a little "extra" income.

The main reason I am asking is because I have a seller who has agreed to a price and terms, but does not want to sign a purchase agreement that is assignable w/o knowing that someone will buy his property for sure.

My main point is not put down LARGER deposits to entice sellers to accept contracts, if you can still back out and keep your earnest money.Thanks-Terry

The main thing to remember with PM is to have certain policies and to stick to them.