My take is you would need to acquire this property in the range of 140 - 180K to give you a fighting chance of being able to upgrade it to be a modern, efficient, and healthy home for your tenants.

Any chance you would be willing to share a blank copy of it?

I'm still going to keep my eyes open in So Cal for the 1% chance that something does come up but I've shifted my attention and research to finding a market that make sense based on crime rates, unemployment rates, job growth, etc.Your rule #7 makes common sense but I hadn't though about incorporating that into my overall strategy.

To answer your original question, anyone making 30k/yr and up has a chance at home ownership.

OK to do as you learn of course, but just know they'll almost never bite on anything creative if you send it in writing without any follow up and the more time they have to ask their best friend, brother in law, or dog, the less chance you have of getting your terms.

Pretty well says attorneys can't keep lenders from screwing up.Lending is a bit like driving a car, if you drive for a month chances are good you'll break some traffic law.

There is plenty of room for creative thinking within the bounds of fair and equitable dealing, regardless of intentions. :)

A judge will look to what is equitable in any decision, so there has to be cause.Not much you can do if you want the loan.

Chances that you can get welfare if you quit I'm guessing are slim without lying or not reporting rental income.

The Midtown direct train has had major impacts upon other towns, like Maplewood, South Orange, and Orange so chances are the same will eventually happen to Bloomfield and other towns along that line.Let me know if you need access to lenders that may help fund your opportunities or if there's anything else I can do.