Bring it current or payoff the lien and have it released and you should be able to obtain coverage, the payoff should be in your closing and a release then obtained. :)

@David T.

Also, I would network with a couple people to obtain roommates ahead of time if you choose to do this?

Obtaining an FHA loan should not be the first question, educating yourself, establishing a market plan, developing a niche, and networking should be your focusing points.

I am so happy to find this site and am excited to see how the guidance of other's can help us all obtain our dreams quickly and smoothly!

Sure, but my take on it, is your company then would be required to obtain a lender license in some instances since you are the one "making" the loan.

Chris T., David Lee, and Bob Yon its great to see some "local" investors with ties to the community they are invested in.

Since I am not looking to obtain my own license at this time I would like to work with some local agents to assist me with listing properties, getting access to MLS, etc.

@Brad T.

That is from the federal side and is applicable to all loans, consumer, commercial, private, institutional, any note.Next, you get involved with a borrower using that money, controlling business or influencing operational decisions you are stepping outside the lending arena and taking on new liabilities that can place your funds at risk if there is any failure.Another comment, any fee paid that is required to be paid to obtain any loan is a cost that must be accounted for in settlements, there are a number of underlying laws depending on the type of loan but all loans and associated costs will be an issue under the tax code.There are thousands of attorneys out there I'm sure that do RE and think they know financing laws and regulations, they may have done them for years, doesn't mean they really know and most will never admit not knowing.Every bank I've seen had an attorney, all have legal advice and as I mentioned, there won't be a bank or any other lender around, that really makes loans that won't have some compliance issue.