However, his mom's offer to co-sign shows commitment to ensuring rent payments.

But it's true you cannot attach Soc Sec payments !!!

Even so, the poor quality of work done in this house does make this figure less cut and dry. 

My name is Lalo and I'm new here. i live in Astoria NY and  I'm looking to buy my first multifamily property with a FHA loan or something that requires a small amount for the down payment.

Most hard money work as follows:•Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

My wife suggested an every-week payment plan of 250.00 a week to catch up.

You should never renew a tenant that damages your rental, is problematic with payments, violates the lease, etc.

Or use the heloc for a down payment but wait longer for closing.

Two more reasons to stick with individual mortgages:* Liquidity requirements - Let's say you have 3 properties with monthly mortgage payments of $5,000 each. 

here are some questions for you:are you saving up for a down payment, on either a primary or a rental?