Easier borrower qualifications

Some potential borrowers cannot understand that.

Who would I contact to give me such a thorough inspection with an estimate so that I can move forward knowing my borrowing needs?

My understanding would be that if the borrower was no longer able to make their payments, that RS/me would be the first in line to recover from a sale of that property.  

The 100 mile rule that Chris mentions is true also so you'd need to meet both in order to use rental income to qualify however, if you have "enough," income to qualify for both homes with out "rental income," then you can avoid these pesky guidelines.Below are reminders of several sections of FHA Handbook 4000.1 that apply to the “FHA 100 mile rule” Departure Residence Rental Income: Using rental income from a property being vacated by the borrower: If rental Income is being derived from the Property being vacated by the Borrower, the Borrower must be relocating to an area more than 100 miles from the Borrower’s current Principal Residence.Multiple FHA loans: A Borrower may be eligible to obtain another FHA-insured Mortgage without being required to sell an existing Property covered by an FHA– insured Mortgage if the Borrower is: Relocating or has relocated for an employment-related reason; andEstablishing or has established a new Principal Residence in an area more than 100 miles from the Borrower’s current Principal Residence.Military Personnel / Occupancy: The Lender must obtain a copy of the Borrower’s military orders evidencing the Borrower’s Active Duty status and that the duty station is more than 100 miles from the subject property.

Is the borrower repairing the property?  

Is it as simple as as the borrower (obviously) you'd negotiate for interest later and as the note/mortgage holder the converse, interest first?

Regarding cash out, right now the highest I'm seeing is 70% LTV once the borrower has been on title for at least 6 months. 

Most of the time is spent waiting on the appraisal, the appraisal review and the borrower to get their conditions in correctly.  

You have transfer fees, legal fees, forced placed insurance, servicing fees etc to deal with and who is to say the property sells for more than $40k at auction.What if the borrower the day before the sale file bankruptcy ?