Tell them your situation, and tell them that if you can't qualify for a regular fully disclosed mortgage that you'll need to use a lender that lends based on stated income.

If the house needs $40K in repairs/updates to comp out at $300K then you don't have $100K in equity.

As a tenant I've always communicated regularly with my landlords, and last time I moved out of rented accommodation I asked the landlord to look around a couple of days before I moved out, so that I knew if I'd missed anything.

They are much more complicated and expensive, so you would normally want to stick with a regular forward 1031 exchange where you sell your property first and then buy later.

The house needs updating - that's for sure - but I'm trying to figure out why its so much lower than the appraisal.

There is the regular closing which will be about 3000, plus taxes/insurance, inspections, and what?

Obviously, if the plumbing and electrical has not been updated then I would expect to have to do it.

It'll probably cost you something but it gets updated as quickly as the actuall computers at the Hall of Records

I know the term safe is a relatively subjective term when it comes to real estate but I am talking more along the line of what neighborhood/area can one stand to make a fairly significant gain with a 15-25K cosmetic rehab/update?

thanks - I am in the process of closing on a house and soon to get started on showing the house to the public for renting, soon I hope to earn a good income on the house more updates to come soon