The other thing that the Agent doesn’t tell you is what your chance of getting the property is - This is like Gambling - it’s like rolling the dice that you will get the home you are applying for.

I have rentals but I never list them on craigslist where I have found my pics and descriptions for fraudulent rental adds for my homes.

They are gambling that FHA will never check in that first year or they have the ability to refi out of it if they do. 

The old adage on BP is don't buy for appreciation that's not investing but gambling, however if you invest get good cash flow and get good appreciation its a home run. 

Most likely in an expensive area like California your cost per square foot will really make this conversion worthwhile.Lastly, if you are going to take the gamble, make sure that in worst case scenario that you will at least recoup at least the same amount of money you put in, and that the house will sell faster. 

This "Buy High, Sell Higher" philosophy is risky in my opinion, but when inventory is low and capital plentiful, there are people out there ready to take the gamble. 

So we definitely want those.You do need good credit, and we have a very stringent criminal fraudulent background check.  

If you are unable to do your own title work, you are gambling that there is nothing wrong.

Then there are a couple of huge companies that I (and several other BP members - I know I've seen @Hattie Dizmond talk about this a lot) consider simply fraudulent - they're always flacking inflated ARVs and underestimated reno costs.

Because an appreciation play is akin to gambling.