Sit down with a mortgage broker, get pre approved and you'll find out what you qualify for, and you'll get an idea of the cash you'll need in addition to the minimum 3.5% down payment.

My initial desire was to purchase a HUD home, REO, or Pre-REO that's being marketed, but w/o pre-approval I can't even get anyone to talk to me, so I had to become a bit more creative.

I'd go to the city planning and zoning department and ask questions about what is planned and what is already approved.

If the owner wants to sell at this point the Trustee must approve the sale price and he/she will require it to be appraised and sold near full market value.

Is there a minimum time frame that the owner-occupant must reside in the FHA approved property, before they can rent out their unit?

Escrow is 24 months to allow for completion of zone change as well all city approvals.

Section 8 could take the landlord of the approve list also.

Your credit score at 640 is low to be approved for even a personal residence much less 2 rental properties that are currently vacant at this time.

Lol.Anyways, in regards to Phil Blair, I can understand your position and at the end of the day, there are repercussions to approving a tenant, then having them back out expecting their deposit back.

Most folks who list properties on the MLS aren't in that category.A "pre approval letter" from a legitimate lender, along with an earnest money check will be sufficient to make financed, not cash, offers.