But PLENTY of people here in these forums are getting 7% - 8% loans to buy their first BR with the same issues. its not confined to seller finance or subject to type of closings, difference is we are over here taking over 3% loans.My point was that the main reason for a seller to choose subto is to avoid foreclosure or bankruptcy because they are in danger of defaulting on their mortgage.

There is always something available and now buyers are wanting to buy because of the mortgage rate decline. 

Cheaper than the rest but with those condition issues means you are only going to get those tenants interested that can't afford the others.

However, with only a 3.5% down payment, obviously this puts my mortgage payment significantly more than if I had a 20% down payment.

The current challenges are:- Remaining unit to rent as has loft that isn’t appealing to anyone in the area despite the fact that the price includes utilities (806 W 66thAve  Bradenton, FL - Zillow add)- PMs in the area haven’t had any success in renting the property either- Covering the mortgage so far, in addition to the repairs, has consumed most of the reserves- Property was bought via PML at a 12% interest that must pay for at least 3 yearsWe recognize that we could have done more research about the demand for these rental units prior to purchase and that can improve the rental add but are we making any other mistakes or missing on other opportunities with this property?

You might be able to pull this off with a DSCR second lien, with an exception of the first mortgage not being in your name.

Only issue is that I have an FHA Loan 30 Yr fixed mortgage so there are rental restrictions.

I am not trying to commit mortgage fraud by any means, my family and job situation changed drastically within about 3 months of living in the new house.

The CoC return initially is non-existent, however it does result in ~40K/year in mortgage pay down.

Hello BP CommunityMy mortgage has been transferred three times to different company.