That way I get most of the payment from the government, and you can use section 8 as leverage against he tenants.

Anytime banks are involved there are a lot federal banking regulations they are required to follow. 

Our combined taxable income was more than what the government considers as way above the threshold, therefore, we cannot benefit from our business loss.

HI Frank:Here's what you need for a pre-qual:2 years personal federal tax returns, all schedules, all pages--2015 if you filed, or the 2015 extension and 2013 and 2014 if you haven't filed 2015 yet.2 years matching W2s, 1099s or whatever earnings statements you get.

If not, now the fun begins.If you buy it as a non-performer will require extensive work to contact borrower to try to get them repaying, checking on taxes, fines, and fees by city, county, state, and federal to make sure you do not lose the property that way.

This morning I read an article posted on MSN.com regarding whether or not Detroit will receive a government bailout to help improve the diminished economy of the Motor City.  

I'll also mention as a newbie wholesaler with no money, you need to stay away from those in foreclosure, that's a mine field of trouble with federal laws having teeth.If people live in a place, you need to have a good idea of who the buyers are first before you go sing you song to a homeowner, if it's empty you'll have less issues and more time to go beat the bushes for a buyer.

Because this is handled by a federal court the constable/county court is refusing to allow the constable to go to the home for forcible removal.  

Also subtract the total amount of your fees, including junk fees, such as government recording fees, document preparation, wire transfer fees, etc. 3. 

Anything up to quads (4 units in a single structure) the government treats as 1 unit for purposes of loan.