The Programs includes or covers:- Up to $2.5B in second loan purchases- A maximum programs duration of 18 months- A maximum loan amount of $78,277- A minimum seasoning requirement on the first mortgage of 24 months- Only for Primary ResidencesThe effect of a guaranteed government backed second mortgage for homeowners would be significant and likely put eligible second mortgage terms in line with below market FHA and guaranteed first position mortgage rates. 

I live in New Jersey and would like to make this a medium term rental.

@Dave Ivery Lots of simple but powerful advice given already.

It's essential to assess whether current prices align with your budget and long-term goals.

Personally, I love Sherwood Forest for long term rentals, but there are tons of other great neighborhoods to invest in. 

I have 2 rental properties.The First is in Crestview FL with a long-term military tenant.Cashflows ~ $800 monthly.Mortgage is $180k.

Background information is that my wife and I have a high w2 income and also started an llc to mange a short term rental that we own.

My understanding in Maryland the seller provides the buyer with a copy of the COA papers at least 21 days prior to settlement and you have up to 7 days to review and pull out of the contract if you don't agree to the terms.  

The next day I get a text, that a “family member” just happened to stop by and noticed “new temporary” visitors in the bottom apartment and there are new laws in the city starting June 1st for short term rentals.

Also  beware that  paying a large loan fee  may affect the lenders  ability to do the loan.I got cashGeoffrey -  awesome ...having  cash makes  negotiating way easier ...fyi -  in the  future - if you need to get a loan in the  name of your LLC as compared to a loan in your own names - the terms on the financing will be higher .