If this is the case, hard money lenders are less concerned with factors like tradelines, credit scores, DTI, etc., and you should be able to find a home with someone in this niche.

As far as I am concerned whoever bought this house 10 months ago only put about $3,000.00 into it.

Since you are concerned about closing costs, you could consider not buying down the rate and thus reducing the costs to close.Another consideration is leveraging more and not putting as large of a downpayment. $212,000 loan @80%30 year fixed, fully amortizing using our Paper Saver process - like stated income but no charge for it6.375% would cost you 1.00% discount point - 6.532% APR$819.80 total lender feesIf you consider an 80/5/15 - where you put 15% down instead of 20%$212,000 loan @80%30 year fixed, fully amortizing6.375% would cost you 1.00% discount point - 6.532%APR$819.80 total lender fees2nd lien of $13,2508.375% would cost you 1.00% discount point ($132.50) 8.513%APRno extra lender fees on the second.So you save $13,250 and have an additional monthly payment on that second of $100.71 per month which means you break even in almost 11 years.

The guy just got cut out of the deal, and is mad.ThanksAnthony

I have concern with a real estate agent who is showing you properties, especially unique properties, without you having been pre-approved through a lender already.

If you're REALLY concerned then you also might consider doing the maintenance yourself and charging for this service as part of the rent.

It turns out, the same buyer had already closed on the unit next door, and were planning on cutting through the common wall to make one large unit.

Looks like the wholesaler has cut the most prime$50k profit out of the heart of the deal for himself.You're the one who will be doing all the work andtaking the most risk.Think about it.

The last "cleaning" I did involved replacing 6 brand new miniblinds that the tenant's cat destroyed and they had to be cut off because of odd sizes; stove was filthy; refrigerator was filthy; new storm off it's hinges, new carpet not clean; fireplace filled with burnt logs, cat hair and dust everywhere; light bulbs had to be replaced etc. etc.

cap gains on this sort of stuff is not so cut and dry and you might not get hit so hard with it if you or your accountant knows what to do with the money before the sale and after the sale.what you think might be a cap gain on 120k, might turn out to be 80k etc...talk to your CPA.