Specifically, we've received some feedback from lenders and agents that, in this market, sellers are moving FHA offers to the bottom of the stack given the assessment/inspection criteria that needs to be met in order for the deal to proceed.

Do we set a contract with a quick claim deed/renovate with cash/sell and split % proceeds?

If you have any doubts....here's the exact verbiage from Fannie Mae:B3-4.3-15, Borrowed Funds Secured by an Asset IntroductionThis topic contains information on borrowed funds secured by an asset, including:• Borrowed Funds Secured by an Asset• Secured Loans as Debt• Reducing the Asset by the Amount Borrowed• Documentation RequirementsBorrowed Funds Secured by an AssetBorrowed funds secured by an asset are an acceptable source of funds for the down payment, closing costs, and reserves, since borrowed funds secured by an asset represent a return of equity.Assets that may be used to secure funds include automobiles, artwork, collectibles, real estate, or financial assets, such as savings accounts, certificates of deposit, stocks, bonds, and 401(k) accounts.Secured Loans as DebtWhen qualifying the borrower, the lender must consider monthly payments for secured loans as a debt.If a secured loan does not require monthly payments, the lender must calculate an equivalent amount and consider that amount as a recurring debt.When loans are secured by the borrower’s financial assets, monthly payments for the loan do not have to be considered as long-term debt.Reducing the Asset by the Amount BorrowedIf the borrower uses the same financial asset as part of his or her financial reserves, the lender must reduce the value of the asset by the amount of proceeds and related fees for the secured loan.Documentation RequirementsThe lender must document the following:• the terms of the secured loan,• evidence that the party providing the secured loan is not a party to the sale, and• evidence that the funds have been transferred to the borrower

The plan is to live in it for a year save money move out and rent the property and rinse and repeat for as long as the bank will let me (I read they will only let you do this for 3 or 4 houses.)My wife is scared of having 3 or 4 loans so she wants to try to pay the first house all the way off then proceed to purchase the second one thereby collecting most of the rent as profit, me on the other hand I want to put just a minimum % down purchase a property save up money for another down then moving to the next property and renting the previous property out and then doing that 2 or 3 more times until we have 3 houses where the mortgage is paid for by the rent each month with a little bit left over to save.

And for doing an equity line, just depends on your appetite for risk: some people won't touch the equity because it's putting their primary residence at risk, while others do it all the time.If you do proceed, of course run the numbers.

As a Maryland realtor we have a Maryland residential lease which is pretty decent and holds up well in court.

I feel like I am going to end up having to go to court over this and want to get my ducks lined up. 

If I were the tenant though I may show up to eviction court just to watch the judge lay into this guy. 

Eviction day in court is Wednesday.

For $500 per month, just for the HOA it must be a super high-end property with a golf course, swimming pools, tennis courts, club house, etc., but I had HOA's in Las Vegas for $35 per month that had all those amenities including the gold course and beautiful club house.Do the math!