If you think a Fannie/Freddie loan is not the right loan for you to get right now then a smaller, local bank close to the property location might be the right solution. 

@Kevin DongThank you, I think its a pretty good deal, good location and the numbers work out. 

In some places these things will all become part of the record... but it depends who is involved and where the property is located. 

It's located in central California which has a soft market.

I have a auto body shop that is located in a D class residential area, it was own by my grandfather, he is getting up in age and he is passing it to me. he hasn't done body work in years, he just have been renting the place out to some guys he know for like $220 a month. the utility are still in his name also. my whole idea is to come in, change things around, do the proper things, have a actually lease agreement written out for the tenants, with the new rate increase and rules, there wont be anymore of the late rent payments, there will be a late penalty, the utility will be in the tenants names,I plan to put a security system on the property, I'm new to all of this , its my first property I'm open to advice, suggestions, ideas on what I should do.

Property is located in the Spring, Texas area List Price $155,000Taxes $4,279/YRRent: $1,550-$1,600We would be putting 20% downInsurance: $1,100Potential Neighborhood fee of $100. annuallyIn my calculation I figured in Property Management (5%) we plan on managing it ourselves but felt we should still build that in.  10% for Vacancy and 5% for Repairs monthly.

My partner and I got super excited and within a week located the property, visited it, put together a report and a business plan.

It's located in Odenton, MD.  

For a rental property, what location criteria should I take into account?

Hello BP family,So after taking the advice of Brandon Parker and learning what's a good deal by analyzing 100 bad ones, I came across this one, located in Memphis.