I know a guy who buys run-down homes in really nice parts of SF (Pac Heights, Noe Valley, etc.) and fixes them up and flips them.

The explanation that followed was that those in good financial standing, with reserves and assets could use their own funds and didn't "need" the loans - they just preferred to use the loans (OPM).As for those who would be a risk to lend to, well, they just wouldn't be receiving loans based on the bank's restricted lending criteria.Face it.

The FBI and the Obama Administration will continue their efforts to go after "perpetrators" and we should probably expect even further restrictions in 2010.

From the info you've given, it appears this loan had restrictions that you cannot do that.

I'd like to know if anyone else has heard of these implemented restrictions.

If you are thinking of flipping the Short Sale, they are most likely to try to prevent it under item #10 of their approval - restricting flips for 30 days.

Licensing is expensitve and restrictive.

Good airflow is essential to good performance and those expensive filters can be too restrictive for the AC.

robin,i am like you...took 2 months to fix the first one. 2 month after renting it i was already looking for the second one. but i dont like homepath. they have residency restrictions and that is killing my chances of getting the house.second one took 2 months to fix. rented that, so i got another one 2 months later. rented #3 in the beginning of july.now i am getting my 4th one. closing at the end of august (if everything goes well).

This used to not be a big deal so no one bothered to keep them -- however, with the natural gas surge and the "fracking" plan, small lots in residential neighborhoods can be "drilled".Basically, the state and county laws seems to place a certain restriction on how close a drilling operation can be to homes.