.- Joe could then re-finance the property under his own steam once he has built up his credit.

Instead of rehabbing a property and putting it on the MLS and hoping someone will buy it, I rehab it, refinance it(pulling some cash out and my investment) and then look for a lease option tenant or a regular renter.

If you have ever read a standard note and trust deed used by mortgage lenders, I would bet a good attorney could find 20 things many home owners are breaching in their agreement on a regular basis… i.e. parking commercial vehicles, or operating a business from the premises...

That means that if you try to refinance out some cash from this property, you will put this one in the red in an attempt to free up funds to invest elsewhere.

I bet you wouldn't turn around and go back where you came from.

You bet---as far as Bob's "they need a job" statements, in order for FHA to work, they will have to have a 2 year employment track record (with no gap) and be able to document it (as in FULL DOC) in order for FHA to be considered...I also lend in IN and would be available for a 2nd opinion if desired...Regards,Scott MillerOriginally posted by "BlueStarHomes":Thanks for the input.

By finding out what specifically your buyers are looking to buy, and how much they are looking to make, you can refine your searches to those specific properties.

Bets of luck!

I can refinance into a NOO anytime I want then go for another OO somewhere else.

Even middle class America has now begun foreign investment as a means to "hedge bets" against a US recession/fallout.