I started investing in real estate in 2001 and have done seller carry transactions, hard money loans, traditional lending and rehabbing on my own rental properties.  

It used to be a mandatory waiting period, and the other traditional/conventional loan programs still have a waiting period.For Freddie Mac now, it's "No waiting period with LP approval."

I'm in Chicago and I'm looking for better ways to invest other than a traditional loan.

Traditional 20% down rentals6. 3% down 2-4 unit FHA programs7.

It would be a good idea to get the derogatory items removed from you profile.  

Kyle M. you can do that, you can even bill them all together on one bill if you like, just itemize it so that they can see what's going to what.The 'best' way to do it would be to have the water company come out and put an official water company meter in for each unit, but I don't think I have to tell you ... that won't really help your current cashflow concerns!  

NOW you can flame me for posting such a worthless trivial item,,,,but keeping this in mind with how you sand it isnt. 

 $5,000 (could go with cheaper laminant and save $1,500)4) Gut the two small bathrooms $7,000 (Replace bisque jetted bath tub with white standard tub, reframe leaky tile shower, replace vanities/ toilets.)5) resurface kitchen cabinet doors $1,6006) granite counter top ~$3,0007) Remove structural wall separating living rooms $2,0008) GE appliances $2,200There is other work to be done (HVAC, foundation, paint etc.) but items above are the ones with potential for cost savings. 

I self-manage, @Fan Bi, with a regular man to do lawn, trash, and minor repairs, and a contractor for other items. 

2)  If property was sold either by a traditional sale or a short sale, the second lienholder would have had to be paid off to clear the title Is this correct?