It looks like persistence, consistency and a thick skin can get you through the door. 

So on a 500k purchase, if structured correctly, its possible for a qualified borrower to only come out of pocket at closing with $25k and No PMI, No Escrows and no mortgage payment for over 50 days after closing is Very strong!

My assumption is I can get a HELOC within a year of the purchase, but please let me know if there are more stringent holding periods to qualify for a HELOC. 

If you have multiple rental properties it might make sense to get your depreciation done right by a qualified engineer.

That will be in the commercial space, where you can find a key principal who can get you qualified by his Networth and liquidity.

At 42k per year and 968 mortgage your DTI is 27 percent so you could probably qualify for one more mortgage.

With Statefarm's Corporate Headquarters combined with ISU and IWU there's never a shortage of qualified tenants.

Dan going forward I will not work with Touchpoint Property Management especially since they find it inconvenient to follow the rules and regulations that have been in place since 1984 and insist on insulating the Board and its members including me.

Using your example you would Get to take the 121 exemption on 2/5ths of the gain (qualified use as primary residence) and you would pay the tax on 3/5ths (the time of unqualified use as a rental). 

That roof will be expensive, assuming there are gaps between the roof boards under the shakes, you will also have to sheet the roof, I would guess you are looking at $10-15K to do that roof