Your PM is making money on your back no matter what ... and if you don't account for that in the process of buying the property, it's easier to end up in this situation than you may think.

When qualifying a property, why does it matter how much it is under water if the bank will still only be able to get the highest bid at auction?

Its a matter of putting the work in and persevering.  

the guarranteed income is nice, but a poor credit score due to late payments tells the bank that it doesn't matter how much money she makes, she isn't going to give it to you ( the bank) anyway. if her credit score is bad because of misinformation on her credit report, thats a different story. i can educate her on how to clear that up. we need more of the story here. 

(nor a first for that matter) Sometimes I feel like I am wasting my time looking at some of these tapes. 

Condition matters but you have to know where to make the best changes for less money.  

Make some money doing something else and save it for REI - you will need it no matter what stage of the game you are in.Best of luck!

I feel like I'm running out of time because mortgage interest rates are still pretty low and it is only a matter of time before they go back up again.

I feel like I'm running out of time because mortgage interest rates are still pretty low and it is only a matter of time before they go back up again.

If you buy right, it doesnt matter how long you need to hold an asset.