My hope is that the ethical investor will have all their legal paperwork in order and explain any risks to both homeowner and end buyer. 

Melissa Decarlo @ Renesant Bank was fantastic, also Christi Knowles @ ERA King as our rental agent.

The rent just gets automatically transferred from the tenant's bank account to yours each subsequent month.

I suspect that we will all be waiting a lifetime to see rates back to were they were 2 to 4 years ago.. so I would not bank on that.. as for pricing.. if its a place to live then you certainly can just wait and see.. its not like your homeless or need to move other than you don't care for your neighbors.. markets always slow about now.. what will be telling in my mind is were we are at next Feb March April in the buying season as it were.I was in a conference this week here in Vegas and some of the speculation is that many of the commercial type loans that had 5 , 7 and 10 year calls  are going to stress those that had max leverage.. as the rates rise the cap rates rise to keep pace thereby devaluing the properties.. to the point some of these investors are going to need to bring some to significant amount of fresh capital to pay down their debt to get a refi.. and that will stress those assets and there could be a real buying opp in that sector.. at least that's what I gleaned from the talk I listened to yesterday... hope you find that dream home in the country !!!

But my question is, will I get the bank loan/mortgage that I was preapproved for?

if i decide to cash out refi, is this what the bank's appraiser will approx appraise it at?

Our LTV is less than 50% ( yes no risk at all for the bank, and we have top credit score.We already paid the appraisal, environment fee, wasted countless hours etc...The texts in LOI: Financial covenants:-- Min DCR based on actual rents for the first trust deed of 1.25:1.00 based on a 25 year amortization by the end of 2018.And in the loan doc---Property is to maintain a 1.25:1.00 Debt Service Coverage Ratio, tested annually.We would not have paid the fee and sign the LOI, had he included the phrase tested annually.Please understand that the loan  will be for 10 years long, and we are very confident that we will always have fund for the monthly mortgage payment.

thank you very much for your response, I really appreciate it.If you could explain what do you mean by "create $5k in equity"?

Bank foreclosure How did you finance this deal?

A good bet is to visit your local banks and see what types of products they have.