for the rest of my life.

Most condos in ski resorts, which is what I'm most familiar with are owned by private owners who use them 6 weeks a year of so, the rest of the year they are rented out to skiers through a resort housing rental firm.Generally when these change hands it is FULLY FURNISHED.A problem that I see in most situations is that on a $200K house the furnishings are likely to run $10K minimum and I don't believe a lender is going to lend on that.

They carry the 10% amount for X period of time with X payments.

Currently, the maximum penalty that can be imposed on lenders is $6,500 for each violation, up to a limit of $1.25 million for all violations committed during any one-year period.

Actually, my first home period.

If you plan on keeping it, you can refinance with some type of conventional financing in that time period after the repairs are done.

Obviously you would use his strategy to buy more than just 1 house in 10 years, but it surely couldn't let you buy more than maybe 5 of them in that time period if they are breaking even or negatively cash flowing right?

However, it does provide a lower minimum monthly payment and so a better position when owning a rental should you have a period of vacancy on the property.

After a certain period of time if it hasn't been paid off then you can foreclose on the lien and take the property.For tax deed states, the county will sell the property at an auction for the taxes owed.

In my area, 12-14% is the norm.Try to secure an interest-deferred period of time (like 3-6 months) especially if you are just going to turn around and refinance.