I have heard a saying once that I thought was very funny and very appropriate in Texas for a person that doesn't have credibility or in this case: investment properties.

If Angel Oak doesn't work out for you, I can recommend several others with the same program.Cheers to your new opportunities.  

They have to view your ability to repay as their #1 priority, and with investors, the paperwork typically just doesn't fit their buckets. we write off most of our income as much of it goes back into the property anyway. 

Works in some places, doesn't even come close in others. 70% isn't really a rule either - every deal is unique, so if you peg yourself into these "rules" you will miss out on everything that just barely doesn't fit in the rigid box of rules. 

*****Does the letter mean that if the roof doesn't last, that the seller will cover the cost of the roof and the damages that it might incur? 

I am also seeking to fund it with a HELOC.Sorry for what might be a dumb question: Once I run the numbers on paying the HELOC back, the cash flow doesn't seem to start until the HELOC is paid back (in 5 or 10 years), is this the normal procedure?

My employer does an employer match and since I have a good paying W2 the matched portion that comes out of my employer pocket equates to monthly cash flow of almost 4 properties that I don't have to purchase if I'm using my minimum number for a property at $200 a door cash flow, and this free money doesn't include any appreciation/interest growth just what the employer adds to my account until I retire.  

He makes good $, it just appears as if “something” always comes up... my question is.. if he doesn’t come up with all the money, do I just file for possession and be done with him or give him one more chance?

The kind of thing that doesn't make or break your project financials - ie perhaps the jurisdiction doesn't have a great chance of 'making' you do it, so you can take it on more from a 'bring upside value' to your rents, etc.... and you get some 'soft' experience working through jacking something, pouring 1x new footer for a corner post, etc.  

It doesn't take a lot for a project to go 150-200K over budget when the building department holds you up, the gas company can't install new lines for 6 months, and your subs walk off the job.