I suppose a "dealer" would be charged normal tax rates according to the typical income brackets correct?

Pro forma rents are likely to be around $825 & $935, including utilities, although they'll be billed back to tenants going forward.As far as the cap rate, I said not to ask!!  

It's an 2/1 872sqft, $$1400/mo and Tenants pay all Utility 2nd property property is a Duplex.Front Unit is a 2/1Back Unit is a Studio Sqft 1832Tenants pay all Utilities Separate metersRents are $1300 & $1000/moProperty are in Great shape with a 10% capThis is a Package deal, so Pm for more pics and Info..Proofs of Funds Required before disclosing further info..

One tenant is utilizing the Unity program.

If a new tenant comes in every 18 months, that eats away on a few months of cash flow...Is they typical?

. - Do you know how often lenders typically exercise the right to lower the limit?

I think it depends on the lender itself but from what I have experienced banks typically like 2 yrs of tax returns showing the rental income.

However, the equity arrangement is much more typical and makes sense.

FHA loans are 3.5 % down and typically must live in the property for at least one year.

Would that require utilizing a hard money lender?