I am since purchased the property and figured the best course of action for me at this time is to put them on a free, annual, renewable, license agreement.

. $155k is already 77.5% of ARV (or, to look at it another way 70% ARV already puts you at $140k), and you already know the owner can't take less than $155k.Chances are the owner is also going to want some cash out of the sale, so he's probably going to want more than the loan payoff for the house, leaving even less meat on the bone.I'm not saying there isn't a potential deal here somehow - but a typical investor/flipper is probably going to need more equity to work with.

Just make sure you hire an experience coordinator that makes sure you follow all the red tape!

Feel free to email me at [email protected]. 

My first thought was to get a loan on the property to extract the equity and the income from one of the two units would more than cover cost of Mortgage, taxes, insurance etc.The problems I'm running into is, A: The property is worth substantially more than I paid for it 9 months ago as I bought it as an uninhabitable bank owned foreclosure, which seems to throw up TONS of red flags with Mortgage Brokers / underwriters I'm told.B: I current have it listed for sale, even if I pull it from listing, the mortgage brokers want to again red flag itC: As my experience is Fix and Flip I don't have experience as a property Manager per se and the lenders I have spoken to all want you to have 2 years history. 

This sent up a red flag so we went to Wells Fargo and used a deposit only card to 1) check the balances in all our accounts and then 2) make a withdrawal from the bank account. 

It is just that whatever meat is left in the deal for you has to make sense for you to take the risk involved and cost involved in buying and owning the properties. 

After seasoning, get a home equity loan on the FMV which at 80% LTV puts me at 118K mortgage. 

If you're doing it to save a few dollars on an insurance policy for a few rentals, well, that just makes no sense to me at all, but it's your life so make the best of it!

It has about $30K in gross equity putting me at about 77% LTV on my FHA.