Check with local banks and credit unions to see if their program parameters are a little different.Also condominiums are "condos" not "apartments".

In today's climate it is hard to raise capital so recess from that program include lower management fees, back end split and include a preferred return.A preferred return is NOT a guarantee.

You can also find your local REI club and get with other investors to help you.You need to start meeting people in RE anyway, an attorney, title company, a Realtor to name a few and they can all help you determine what is necessary in your area.IMO, the problem with stuff off the internet and in guru programs is that they may not meet your state requirements.

My point is that as you talk to the building division take good notes and ensure you understand what you may have to include as a cost to develop the land and then build whatever it is you plan on or can get approved to build.

The entire point of the acronym involves an individual using programming techniques and content placement to structure the semantic "flow" of your web site's data.

Sounds to me like it's a ploy for more money and as mentioned, you don't give anything to the seller, except as allowable and approved by the bank in a short sale.If someone is doing this in any area, I'd be brining it to someone's attention.

As Jon has pointed out, there are banks/credit unions who have CRE loan programs for loans in the 500k and below category.Your income and credit are good so that won't be an issue, but your inexperience as a landlord could be a problem for some lenders.

In 2 out of 2 tenants w/ sec 8 they both were kicked out of the program.

I know they use it for lending under Harp and other programs used to refinance.

My husband and I are apartment dwellers in Los Angeles and do not own any property, but are looking to purchase a rural foreclosure as our own "vacation" home - we found a place we like, just listed, subject to Fannie Mae's "First Look" program, which stipulates owner-occupier only.