I have a prospective tenant who wants to pay 3-4 months in advance.

She has barked at prospective tenants telling them the place is infested with bed bugs.

With tax bills coming out in October, the owner of a vacant house is facing the prospect of paying a big tax bill for a house he/she no longer wants.

Then again, we don't know the area, type of property, who are your targeted prospective tenants.

Further, you might need a few years to build up a property repair reserve account based on that income and will be unable to take any profits to reinvest in other prospects.

Prospect mortgage has a 580 + Fha program also they have a bunch of requirements like I think it was 6 months of the difference of rent and mortgage saved, no lates for 1 year, it was either 3.5 or 5% down.

Also, the Homepath investor loan site says that Prospect Mortgage is a nationwide lender doing Homepath loans up to 20, so they may be helpful as well.

I was brought up to not buy what I can't afford haha...how do you approach banks with the prospect of each consecutive loan?

It was an ugly prospect.

That is because, the prospect of earning X dollars in the future is worth less today.