I have seen numerous properties and have narrowed my search down to a single REO that’s been on the market for 250+ days.

Do you get a lot of applicants who are seasonal workers?

Is there anything I should know about the application process?

Then contact competent attorney and have him research applicable law.

When you have simultaneous deals going on all lenders are aware of your other contracts and loans in process, but they don't know the details of each deal nor do they know if you'll be approved and those other transactions effect how your application is viewed and/or approved.

I agree Dave explained 2% rule very well.Having said that, my question in the second post was about 50% rule application as only $300 were left after we take $300 for expenses minus mortgage payment.So I wanted to know if my cash flow (profit) is $200 per month, I will be left with only $100 for mortgage payment.

My biggest mistake this year is taking applicants for a rental property in the order which they contact me not in the order in which they get in all their materials and qualify.

It is an interesting calculation, but I'm not sure how applicable it is to a real world situation?

Despite what you tell applicants you are going to do and how great it will be when you are done, I've found that many people lack the vision/imagination to see past how it looks now.

Meaning you can do numerous things with it.