Second homes or investment properties are not allowed.RESERVE REQUIREMENTS If the loan amount is $417,000 or less and the borrower is not qualified with rental income, there are no requirements for cash reserves.

You need laundry if you want to attract worthwhile rents and qualified tenants to justify a 125k purchase price.  

The property will qualify for tax incentives offered by the city with a downtown revitalization program.

We're also not sure our income would qualify for a conventional refinance at the high price point, and that we'll have negative cash flow (and potentially no tenants).Any advice on how to get out of this sticky situation?

I'm gonna take your guys advice though and find a qualified PM to manage for me. 

As far as the mortgage goes, have you been pre-qualified?

Motivation: always loved houses - and when our 4 kids were small I needed to find flexible ways to make additional incomeBiggest struggles: Early on it was finances - had to work with OWC deals only - learnings: tried to absorb as much as I could from the seller perspective such as: what lenders want to see in a home, how lenders qualify buyers, what buyers want in a house, how to create a viable product with limited funds (safe, legal, and appealing)Love & Hate: love a project - finding the deal, turning a dump into a palace, and getting it sold. hate being a landlord - just not for me. 

How much income to I need to earn in order to qualify for this kind of money?

How much time before my sale closing date should I get the qualified intermediary involved? 

Have had a lot of interest however no qualified apps.