In cases where the investor wants to sell within 180 days of purchase, and where the sale price exceeds the previous purchase price by more than 20%, the lender will be required to take extra steps to ensure the sale is legitimate.

I can only assume that he is going to earn every cent he makes on this package deal, and I hope he makes out great.

That will mean, no required extra tax returns or bank account actually needed; however, I do recommend it.

If not you will need to reduce rents further as they have to drive clothes to the nearest facility.Is this sitting on extra land that I can't see where you could redevelop or sell off??

Now if I actually did do that and got about 45k from it, I would either want to buy a little more expensive house, maybe 30k, than use my extra 15k to fix this one even faster!

It would be expensive to have a lawyer for each referral, it will might cost more than what you earn.

If the next person makes some money, good for them, they will have earned it!

As I see it the 203k would allow me to get more money out but would come with some restrictions and extra headaches.

Usually 1-4 unit properties still fall under residential loans, meaning your earned income is going to be a factor.I understand you have $385K invested in the property, but how much equity do you have in it?

There are only two ways to fund a valid note, in an installment contract selling the property which funds the note buy equity or earned equity or with cash disbursed to the maker (borrower) or to their account.