This way if they do not meet the income requirement you can quickly detect that and give them back their app fee.Yes, I know in the pre-screening process most landlords go over the income requirement, but you would be surprised how many people have no idea how much money they take home per week/month.

I wouldn't deal at a 13% yield, too low, it takes 15/16% to get involved, sometimes a little less if it's a note that can be rolled over quickly, refinanced.

I was pre-med 15 years ago headed towards medical school, then got into property management and landlording.  

As a pre-foreclosure, you deal with the owner.

Have you been pre-qualified?

Does anyone know how to pull data for Pre-Foreclosure and NOD leads in Louisiana?

So the education piece is well underway.I announced before that I was going to enroll in the Pre Sales Real Estate license class.

It's likely that your family equity in this home is only going to earn 1-3% so if you elect to go the cash flow route, selling the property and rolling from 1 property into 10-15 properties that earn 15-25% Cash on Cash Returns and up to 5x the income might be the better route. 

The deal still made sense but the HML would not change the terms or amounts of the pre-approved budget.  

On these types of properties you do not want any loan with a pre-pay penalty.It's a common mistake I see to get pre-pay loan financing on a turn around asset.