I've always been very good at putting together complex, creative deals both in real estate and other industries. 

We noticed how very inexpensive it is to purchase there, yet the cost of living very high.We spoke to a relative who lives over there who also rents out a place and hires a property managing firm that ensures the rent is paid and all is in good condition at a very reasonable rate.

Additionally, my rental was under renovation until April so I had a few months of vacancy which the underwriter counted against my income (rightfully so).Now I'm finishing up 2014 taxes and I want to ensure I display everything (of course legally) in a way that maximizes the amount a conventional underwriter can approve.Rental incomeI know I cannot use any net income from rental towards my qualifying income.. ie: If my gross income for the rental is 50k and the debt service/taxes/ins only cost 20.. 

All helpful and creative ideas are greatly appreciated.

Real Estate sometimes goes by the name "Creative photography" Don't want to make too much of a joke out of it - but it's not uncommon for a seller or agent to make a real dump look real good.  

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I coach creative financing where a motivated seller of a pretty house will consider terms instead of cash.This includes wraps, sub2, master leases, jv agreements with sellers, lease options, and more.It is all about the negotiation.See http://www.biggerpockets.com/blogs/3/blog_posts/30...

@Dave Salcido the creative juices are flowing now!

Mark,It sounds like you're looking for a creative strategy to (sort-of) flip houses with the minimum cash outlay..... and you want to use the equity you built into the home-owner's house to get paid (win-win..... maybe).  

Can I do something creative if I found them through the MLS?