Which means after debt service there wouldn't be much cash flow, and COC is about 4%.However with the Freddie Mac small balance program we could get up to 3 years of interest only payments.What I'm trying to asses is what is is an acceptable yield to walk through the door at, and be happy with should things never change, and we aren't able to raise rents at all. 

You won't be able to go with a 30 year until the rehab is done BUT most of the lenders have a rehab program and a 30 year so that you can roll easily once the rehab is complete.

I am assuming this is a different program than FHA loan ?

I want to made sure that I didn't take a $35K master program. 

The company I use has a very cool program.

I'll look into those programs.

With desktop you can have multiple files under one program.  

It sounds like a good loan program.  

Fannie Mae has their home steps program which you can easily set up searches on, and the same with Freddie Mac first look.

please let me know if anyone has heard of this new program or has more investment related problems to look out for on this CA program, BTW here is the link and i also read that it needs to be owner occupied for the 30yr term ??