The lender will indeed want to make sure that YOU have skin in the game, and bear in mind if you put less than 20% down there is likely to be required mortgage insurance on the loan which is an additional payment on top of your principal and interest.Having said all that, you DO have options for buying that duplex, especially if have people like your mom who willing to lend you that money for the deal, but I highly recommend talking with a seasoned mortgage professional here on BP to get the specifics and someone who will shoot you straight about it.Lots of people get started investing partnering with parents.

The MSL includes this exclusion in section XX.XXX.040(3)(d).I found this on the HUD site.http://nhl.gov/offices/hsg/ramh/safe/smlicact.cfmDo you think you would have to bear the burden of proving residency or if the wording was just loose?

The past two years I built a portfolio of 15 doors and probably did it all the wrong way by using credit cards, personal loans, lines of credit, and all kinds of accounts bearing high interest rates.

So bear in mind that you will initially have to carry the entire PITI of the properties that you purchase in the numerator of the DTI ratio.

Don't waste time trying to figure out what a payoff might be.His financing has no bearing on your valuation, he could have pledged 3 properties under one loan, sold 2 and has this left with a balance of more than he paid for it years ago.Again, I suggest you just be straight with the owner, he knows he has problems.

Thank you Tim and Tim, definitely I will bear you in mind for our mutual luck.And yes, the moment I'll get a chance to be a full-time mountaineer (sic - not a full time job as a mountaineer) I'll consider myself happy retiree.

That said,  other municipalities in the region while perhaps still more tenant friendly than say much of the midwest/south might be are still much more balanced overall,  and might be worth focusing on.   

Significant savings for sure.I worked with a different team every time, it didnt have a bearing on much.

I'm currently looking into vacation rentals in Big Bear or Palm Springs and am very interested in out-of-state investing - specifically Michigan (originally from there, so we have quite a few resources) but am very interested in learning more both about the local market here as well as other investment opportunities. 

Get an insurance quote as already stated.The level of insuranc eyou get also has a bearing on price.