Is it feasible to obtain a loan or a good old boy agreement where a lender offers 100% financing for both the purchase price and construction costs at hard money rates, secured by a second position on the borrower's other properties?

Hello everybody, I am looking to purchase a property with a section 8 tenant, and the rent is way below market at about $800 for a 3 bed house, while an average rental is about $1300 to $1400.

For example: Using $500,000 as the purchase price, the difference in your DP is $50,000.

One year is a blip for an RE purchase.  

We did purchase a SFH to live in as we have grown our family so we would no longer be house hacking.

You could do delayed purchase financing, this would allow you to refi without the seasoning but you would only be able to pull out 80% of what you paid + 80% of your completed rehab.

Im in the process of purchasing a brick 2 unit from them.

With an FHA loan, you are not going to be bringing hardly any capital to closing (compared to a conventional 4-fam purchase with 25% down).   

.- Adjusted Purchase Price/ Max Bid: $210,840.80- I start with the 1% rule (thus why I start the analysis by looking at rent) and then adjust the price based on the potential pay-out from a cash-out refi and equity position on the property- more on this in a second. - Potential Investor payout (15%): $242,466 - Rehab total: $76,480.00- I just used $40/ sqft for an estimate.

However, after years of disciplined saving, I've finally reached a point where I can make my first property (a small apartment) purchase last year.