I close on the deal tomorrow and the mortgage company was surprised by this.

I was surprised to hear one say that they would lend up to 100% of the value of the home on HELOCS and both say that 85% LTV on 30 yr was now acceptable for rehab purchases or refinance.

It should therefore be no surprise that the 'owner' of this property might face foreclosure.

If you get one near IPFW for 30k I would be more than surprised.

Hi @Mike Barry,I am surprised you did not get a response so maybe this reply will help get some attention.I believe having both of you on the mortgage will effect the mortgages each of you can get later.  

In the event that an owner unexpectedly shows up and asks for the rents collected by me while I possessed their property, I'm entitled to reduce the amount of rent I owe by the documented necessary and reasonable costs of collecting that rent and managing the property.   

I'm surprised at how nice everyone is on here.

You will be surprised how many of them will want to know more (for themselves).Once you snag a few of these people, and you deliver exactly what you say you're going to deliver, they'll tell their friends about you and their good fortune.

Surprised no one else has called me out on that before.

About 2 months of bare minimum to cover you expenses if all of your income stopped coming in for some reason would be a good amount.Once you get an investment property, you'll need to have 3-6,000 as a cash reserve for the "unexpected."