If you're looking to rehab and sell, the usual 70% of ARV less repairs would come into play.

If you want to play it safe drop the ARV by 2-3% for every month you plan on holding the property.

If you don't really know play the renter for a day and go look at you competition.

That is where the question of integrity comes into play, because the agent that's running all over town for you, is essentially your partner.

I deal with over 90 lenders so that I ensure you that I am able to offer you the most competitive deal for your financing.

Plus accounting for vacancies.REI, everything is on the HUD I don't play that.

There is alot unknown that needs to be clarified before answering "why can't they just do it as a investment property @ 90 LTV"---things like how you are going to document income/assets, FICO, cash reserves, # of properties owned/mortgaged to name a few...I suspect that it is not your intent to occupy the 2nd unit as Wells Fargo suspects and this is where the FRAUD comes into play---if you intend to rent out both units and claim otherwise, the doc they want you to sign could serve as the noose at your own hanging.

Ideally, for my first flip it would be great for me to do some of the minimal skill tasks to make sure I stay within a set budget.

Im not your average stoned video-game playing dropout - I am a huge believer in education.

I live in the Metro Detroit area (Macomb County), so there are plenty of fresh foreclosure listings every week.I would ideally like to pick up a property for 50-60% FMV, fix it up, and live in it while trying to sell for a profit.