I applied for an fha loan through a credit union and they tell me FHA does not quialify for multi residence.

Our credit scores are over 800 and my wife and I make about $134K a year.Can anybody help?

Alternatively, I have owned a separate LLC for 3+ years which could probably qualify for a large enough business line of credit to purchase outright.

But the worst is an association with about everything at the end or near its useful life and very low reserves (which means an increase in dues or even a special assessment is coming--which will tank even the best laid rental plan!)

@Dina Miller I would use the words rehab, handyman special, or needs some TLC.

Our financial specialist can help advice you with lenders here in Plano that can help you apply for home equity lines of credit if necessaryhttp://skandiaconstruction.com/f-a-q/https://www.facebook.com/peterjohannesenrippedmeof...And some more http://www.insiderpages.com/b/15257471596/five-sta...I would be very cautious.

From there, you could take a line of credit or be refinancing to pull cash out and then really come up with a plan for that cash to multiply it through flipping, buying, rehabbing and raising rents, etc. 

It's great that you're saving, but I think you should really focus on establishing good credit right now.

Definitely look at a local credit union.

Then use a web based application taking service like rentmarketplace dot com to take applications and do credit check.Read in the landlording forums on how to screen, write your ad (besure to put your written requirements at the bottom of your ad so applicants know before they call).In time you may decide to turn over management to a property manager, or an agent.