You need to make sure you offer with a good amount of lease option money to the seller and be fair with your expectations or the minute they run a ridiculous scenario/ offer by their attorney or realtor, you're out like the fat kid in 5th grade dodge ball! 

No wonder the USA is fat and sick.

@Eric Bilderback For the borrower to eligible for cash out refinance  the borrower must have held legal title to the lot for at least six month prior to closing of permanent mortgage before cash out. 

FHA has expensive upfront MIP, then permanent MIP for life of loan -- you have to refinance to get it removed.  

I guaranty if you were to battle anther realtor with a borrower/ buyer who was to do as I described above, 7 out of 10 times you would lose down here in FL  with that outdated strategy of "Poor Mouthing the Offer" with ridiculous Good Faith Deposit amount in escrow.If I were selling a 500k home, and an a buyer hit me with a 5k deposit, their offer would be out like the fat kid in 5th grade dodge ball!

Originally posted by @Bettina F.:At

I would handle the renovation, the marketing, the screening, and the property management -they would have to do nothingThe plan is to refinance into a permanent loan after the renovation is completed and when I refinance I am going to put it into an LLC.

Lord willing, my family is going to buy a SFH on an FHA 203K with the intention of rehabbing, owner occupying for 6-12 months, refinancing out of the FHA, moving into another place, renting out the rehabbed SFH to students, pulling equity out and Utilizing another FHA203k for a permanent place for my family.

Lord willing, my family is going to buy a SFH on an FHA 203K with the intention of rehabbing, owner occupying for 6-12 months, refinancing out of the FHA, moving into another place, renting out the rehabbed SFH to students, pulling equity out and Utilizing another FHA203k for a permanent place for my family.

Normally i wouldn't consider this, but recently one of the kids balls fell into the pipes causing a sewage backup into the house, permanently damaging my original hardwood floors.