I don't want to wait 30 day in the hopes of getting over 720 and then another 30-45 days to complete the refi.Do you know if a non-conforming loan is an option?

If using a lender this is a non issue.

The non-pro doesn't see things the way the pro does and therefore will miss things that will come to haunt you later.

If using a lender this is a non issue.

owner has not rented it out this semester due to do some rehab, actually did most of the bathrooms and they are in good shape, carpet is awful, needs paint, kitchen cabinets and better lighting. lower level apt needs gutted due to toilet leaking from above. here are the numbers:purchase price 330krents last semester avg=333/month, did not rent over summer, "I let them just leave their stuff til the next semester", my friend was seeing RED after this statement...expensesrents (if occupied at 333)=3663/monthtaxes 2200garbage =100 (actual quote from WM)water and sewage 525electrical=passed through to tenantPM=started looking, but quotes at 8-10%insurance= 300 (est.)planning on ripping carpet out and going with vinyl hardwood throughout, new cabinets in kitchen and paint, fix lighting and general clean up. plan to get rents up to 500-550 month, lease term 1 year. interviewed PM and he said they take one month's rent for placing a tenant, is this typical?

After a year, if it has not been paid back, then you can go through the steps of foreclosing and cleaning up the title.Have you purchased tax deeds or liens?

I'm cleaning out a house to put on the market, and it's not glamorous work right now.....

I know which is very high, my property is listed as non residential as per water company since meter is 8in, currently I am paying as a landlord full monthly water bill and all my profits this bill is eating.I ask the water company my property has submeters if i make those active is the water bill going to reduce by making the property as residential?

So it's essentially a good-as-gold full expense for tax purposes, but it doesn't hurt you on your mortgage application.So make sure your CPA is aware of these things and is not afraid of the home office deduction.Also, if you have a large non-recurring expense this year, this is worth talking through with your lender.Someone like @Chris Mason could probably elaborate.

If the property has been  well maintained (I know, this can be relative), usually $1k is enough to turnover (carpet cleaning, professional cleaning of the rest of the house).