Things here in Boston can take a long time and I am looking at a process that could go anywhere from 30 days to 9 months depending on the inspector / board approves the initial application otherwise I would have to appeal.I am getting nervous on whether to move fwd with this deal or not.

This amount mainly covers the lender's application and underwriting fees.  

"According to BBVA Compass, the subject property must either be located in a low-to-moderate income census tract (as determined by the Federal Financial Institutions Examination Council) or the loan applicants cannot have an income greater than 80% of the median income for the area, per the guidelines"http://www.housingwire.com/articles/33120-bbva-compass-launches-zero-percent-down-mortgage-programSounds great for those who invested in low income housing areas don't think Los Angeles would have areas your friend would want to live in

It will report things like, this applicants past address is associated with multiple incidents of fraud etc.  

The money I used to purchase this was a hard money loan from a friend at applicable federal rate .28%.

Has any one using Bigger Pockets under the jurisdiction of Baton Rouge OCD or in Baker, Zachary or Central Louisiana,  ever made application for HOME program funding or funding from the Louisiana Housing Finance Agency?

Not disclosing source of funds is mortgage fraud, you can have funds on deposit for 6 months, but application, you are asked if any part of the down payment is borrowed.

*E Myth contractor - Michael Gerber, Shorter, more applicable and more clear.

If a usury law applies to your loan, there is no way around it, the rates and charges either comply or they don't.Edited, as I went to Will's comment: The loan is exempt so the law is not applicable, as I said above.

lolyou are so damn lucky. the last thing a contractor wants to do is come home to do more of the same work he just did for 10 hrs.also, normally a house in a bad condition attracts bad tenants. hell, i have a fantastic house right now and no applications. yet, it attracts people with a budget of $650 per month.when you have finished the house half ***, you attract half *** tenants. when you get those tenants, they dont care for the house thinking you did not care for it in the first place.i understand that you had no money, so that worked out ok for u. again... my post can be summed up in one word.... lucky.