Mike Reynolds I'm not a CPA, so I can't offer actual advice.

However, I went to the first meeting and the main speaker was an out-of-town guy giving a super high-pressure sales job for some MLM program called "Financial Education Services Protection", which didn't actually have anything to do with real estate, other than he was pitching us to pressure credit challenged prospects into buying this (my opinion) predatory program.

Or do I have to actually live there for a year? 

@Adelle Miller I actually followed @John Kesner suggestion on keep looking for lenders.

This might sound harsh, but I'm actually trying to save you a ton of pain and money.  

The following are some of the numbers on the home:Asking Price: $325,000Tax Lien: $66,600Renovation: $50,000ARV: $480,000Rental IncomeUnit 1: $1,650(Unit I will be living in)Unit 2: $1,650Unit 3: $1,100Unit 4(Unit to be added in the basement): $950Total Rent: $5,350Taxes: $11,600I think that most likely, I will have to pay cash for the lien before we can go forward with the FHA loan on the actual purchase price and rehab of the home.

I'm actually, in the Rego/Park Forest Hills area.  

Most community owners know better than to actually own and rent the homes in their community. 

They just have not built enough to keep up with demand which is actually real this time vs loan anyone any amount nonsense.

This is from the actual deed for an FHA mortgage.