Thought payments were prepaid for 3 months.

Most mortgage programs will not allow seller credits to exceed closing costs or prepaids because then that credit bleed over to the down payment. 

My children have to get their credit score up in the high 700's .( pay their own cell phone, maybe get a utility bill in their name or get a prepaid credit card through their bank, it usually takes about 9 months to a year)  I've also had them get their realtors license so they can use their 3% commission to help pay the down payment. 

In round numbers:Rent:  $1000Tenant paid in two payments:  $600, and $405   -  $5 extra.The property manager is classifying the entire second payment as "pre-paid rent" because the total paid exceeds the amount due, and therefore only credited me $600.I can absolutely understand keeping the extra $5 to carry over to next month, but to keep the whole payment seems wrong.Anyone else experience this with their PM?

We did a second home loan with 10% down and then prepaid the Mortgage Insurance.

Yep,  buyer closing costs usually run about 2% including pre-paids like taxes, insurance, interest and appraisal. 

HII have numbers to analyze, my property is value in $205,000, I already paid it off and rent it for $1400.I want to cash out  to do a new investment or BRRRR and I got this lender who offers me this for 30 years:$150,001.00(LOAN AMOUNT)///$205,000.00 (APPRAISED VALUE)///3.500%(RATE)///3.865% (APR)///2.942(POINTS)///$673.57 (MONTHLY P&I)///$840.24(PITI)///$7,596.34 (LOAN FEES)/// $1302 (PREPAIDS)///$141,102.66 (CASH TO CLOSE)Do you think is it a good deal or not?

(b) Pre-paid rent limitation.

@Dale MillerYes, the prepaids/escrows and the other closing costs are pretty much guesses. 

The loan specifies: ESTIMATED SETTLEMENT CHARGES, ESTIMATED DETAILS OF TRANSACTION, ESTIMATED PREPAID ESCROWS, and ESTIMATED SCHEDULED PAYMENT.