Many contracts include a clause binding heirs to honor the agreement.Also, the court can approve the sale pretty quickly if it is a small uncontested estate.

HI Troy,Regarding lending based on DCR and cash based debt coverage, DCR is mainly used by commercial, local, and business oriented bank loans, while conventional financing and residential 1-4 lending generally focuses on debt to income.45% Debt to Income (DTI) = $2.22 dollars of cash flow or gross income needed to be shown for each dollar of monthly obligation you're looking to qualify for50% Debt to Income (DTI - $2.00 dollars of cash flow or gross income needed to be shown for each dollar of monthly obligation you're looking to qualify forThe above are some examples as each bank has different ranges of requirements.If the max is 45% DTI and the borrower is seeking a mortgage of 1500 but net rents are 750 then they are seeking to qualify for a net -750 which requires 2.22 times the income to receive an approval which means they need 1665 gross monthly income.Hope that example helps conceptually explain the residential vs commercial lending aspect.

I've been approved for my first blanket loan on a 3 property purchase I'm working on with a partner of mine.

Before I approve anyone that has a criminal record, I always ask if they are on probation, and if they are on probation I get permission to contact their parole officer.  

Agents love to work with us because they know our buyers will preform when it gets approved whether it takes two months or a year.  

I have a 90-day contingency for the bank to give an approval.

At the same time, if there are actual "approved plans" ready to pull permits, that has a lot of value to a builder. 

I tell tenants, "If you are approved, I will call you in 24-48 hours."

The client called her house was approved for a short sale she owes 215,000 on the house it is worth around 175,000 has not been lived in for a year.  6.5 % interest on the first. 

And while you don't have to keep those reserves in some sort of escrow account or anything, you still have to prove those to the lender throughout loan approval process.It has become much more difficult for people to purchase investment properties using conventional financing over the past few years and although there is the "seller second" or "seller carry back" or "subordinate seller second" as it is sometimes referred, surprisingly few lenders will allow for it.I'd suggest checking with a portfolio lender, that is to say, a lender who will not sell your loan to Fannie Mae, for instance.