What if the building reaches it's limit on owner occupy and you can't rent it any more?

That is as far as I would go.You can find lenders who will go farther but unless you have some good backing you are IMO pushing the limits.

I only had a limited view of 2 of the kitchens and they both looked pretty bad, so I can only assume they will all need new kitchens and appliances.

In kitchens, lighting is critical.

The Loan Officer I spoke with told me that a HomePath Mortgage wasn't an option because they won't do a loan on anything under $40k and that is much better than the $100k limit that most of the other HomePath lenders are currently working with on NOO properties.

I currently have my office at home and i feel that this is limiting my capabilities.

I work abroad, so I am limited with respect to the amount of on-the-ground research that I can do for the time being.I am in the fortunate position in that I have been able to save quite a bit over the last 5 years, so I don’t intend on getting a full time job after I leave my current position.

If a whole new LO is signed by new "C" buyer, how is this paid to ME with limited risk?

Steph C. your options now are very limited now.

This limits the buyers.