I have zero faith in this loan servicer however so I will continue to keep a close eye on the situation.

I could technically get $332K out, so this leaves a little meat on the bone to cover closing costs, potential unexpected rehab issues, etc.

With an FHA loan, you are not going to be bringing hardly any capital to closing (compared to a conventional 4-fam purchase with 25% down).   

It also made the property much more valuable when I put it for sale. 

Hello,I'm currently self managing close to 10 units and have been using Avail to automate things as much as possible.

Get as close to the truth as legal in your state and clarify that you're not a huge capital group coming to town to slum lord the entire city, you're a hard-working guy trying to break out of the 9 to 5 (if that's legal to disclose) and being able to turn a modest income on a rental would be a vital step toward that dream of financial freedom. 

Account Closed  DFW area is very tough. 

. :)175 pprehab  30kcontingency 5k at least 6 month hold  depends on how much your putting down but lets figure 10k there.buyers in this price point almost always need seller assist on financing so 5k there.and then 7% sales commish250K X .93 =  232k  - 50k  has you at net loss of 18k.. 

It is not fraud as long as you live in the property as long as the occupancy affidavit in the closing docs require.

Financing is a crucial factor when finding your next rental property, and there are numerous ways to secure the funds needed to close a deal.We want to hear from you!