See also this government sponsored entity document for details... page 216 under 'Limits on the Number of Financed Properties'.

The rest of the details are relevant, rate, term, balloon.....You're off to a good start.

1) ALWAYS get a detailed application. 2) Ask for references - landlord, personal and work related 3) Have THEM provide a current credit report - in my state that is legal - this way you create at least a "semi weeding-out" process right there.

Give them a detailed packet on why the price is justified (comps, pictures of comps, map of comps, etc).

I know there's tons of info on the boards, but if I grab a few details here and there, I'm afraid I'd miss something important.

Of course its more complex than this, so you and your CPA will need to sort out the details item by item.

Yea here's one of my rental numbers, which was bought last June.Purchase:26,000rehab:5,000Taxes:1500/yearInsurance:500/yearrented:908/month section 8 tenant build:1986Sqft:1260The rehab was give or take around $5,000 but this is because for Section 8 the inspection is very detailed and had to make some fixes to get it to government standards.

Either way, look for one who will really look into the details and look for any potential future or hidden problems (i.e. the stuff I look for when evaluating houses).

When I couldn't find any good discussions on here about it, I figured it wasn't very promising.Albert, could you keep us posted on how those work out, and maybe follow up with some details, rates, costs, etc.

I think the wisdom and practicality at biggerpockets will help me define the best way to go forward- not to mention the questions and details that come up when executing the plan.