They are possible but there are a ton of restrictions and take A LOT of time with the underwriting process (we are going on 60+ days now).WF requires several things for a cash-out refi:1.

Their restrictions are getting worse.

Here's what the FHA guidlines say:(b) Time restrictions on re-sales- (1) Gerenal.

The main lender often has a CLTV limit that restricts you from borrowing 100% of the down payment.What you could do is to syndicate the deal.

DebbieThe Dems and Repubs didn't put too much restriction on the lending industry.Frank and Clinton both wanted to get homeownership in the hands of the lower income, no big secret there.While Bush was in, we had a booming economy and people made a boatload of money in this industry.

Certainly it's possible.Some additional thoughts:- You probably want a cash buyer who won't have issues dealing with a lender on this type of transactions (many lenders don't like double/simultaneous closes, regardless of how much/little the markup is);- This won't work with Fannie Mae REO properties, as FNMA will require title restrictions that limit a resale in the first 90 days to 15% over purchase price;- This won't work with FHA buyers due to the required 90 day seasoning period;- This may or may not work with buyers who are securing traditional financing, depending on the lender and their comfort with the deal;- Obviously, the property would also have to appraise for double the purchase price, and you might have a very difficult time getting an appraiser to determine that an REO is worth twice what was just paid for it without any renovation.

This is too much of the stretch considering the fact that the owner needed to lower the price at the height of the market (April - August).

The movie Pacific Heights should be must viewing for any wanna-be landlord, especially one in San Fransicso.

The sale price was at the height of the housing market and was still far below the current taxable value (based on market value) of the house we purchased.In January 2007 a house at ___________. just a few houses away from the house we purchased, was sold for $68, 340.00.

Being a lake house neighborhood with few building restrictions, many "unique" homes are nearby.That's Robert Downey, Jr's Ironman behind me saying "protect your data" which is something my firm helps companies do.Thanks for the financial analysis!