I'd have to hold one year and a day at least I understand if I did move in it as a residence and hold for five years to get tax free gain.

To avoid paying capital gains taxes on the sale of my personal residence before I live in it for two years?

Hello and welcome from a fellow resident of the volunteer state.

As far as a complete DD checklist thread, i have not seen any such thing, yet :)For a private residence, i would do some basic things, these will lead to other things for you to investigate.

I have about $350k in equity in my primary residence.

If this is a primary residence, then perhaps FHA would work at 97%LTV.I'm also not sure why you are looking for full OR stated doc since if your borrower qualifies with full income documentation they will always get a better interest rate and higher LTV.There's just not enough information in your post to warrant a phone call to you but if you want to discuss further, shoot me an e-mail.Ken StampeBank of AmericaMortgage Lending

My personal residence currently has right at 20% equity in it.

I reside in Pensacola, Fl.

At first this house will be my residence, but will eventually be turned for a profit.

ok, i want to make this short but it might run on.i re-fied my primary residence and took about $100K out.i just offered to buy my first rental and the seller accepted my offer.the offer the seller accepted goes like this.purchase price--$265K20% down--$53Kseller pays $7,950 in closing costs.i want to go with a no doc, conventional investment loan.814/804/787 are my tri-merge credit scores.one loan officer is telling me he can get me 6.5% interest only conventional investor financing with 20% down-no doc's, but i have to come with $2,000 out of pocket.