There’s also a delayed financing exception that allows you to do it after purchase without waiting 6 months. 

I am an out of state investor, and want to make a long term investment where I can put some of the responsibility on the HOA if they allow you to rent.

I am an out of state investor, and want to make a long term investment where I can put some of the responsibility on the HOA if they allow you to rent.

She cannot do an owner finance, because she needs to free up her debt load to allow the loan on the new house to be approved.

Now since the landlord had undertaken renovations to create a low allergen place to live, marketed their building as such - being forced into accepting an ESA would "fundamentally alter the nature of the services provided" and thus allow them to legally decline the request!

Make sure you allow for some maintenance costs.

Thinking of getting a mortgage of around 100k with very little down (I took a class that will allow the bank to give me a loan with only 3% down payment) then investing most of my 15k into reno. 

The PM agreement allows them to keep late fees as part of their compensation for collections and I‘m fine with that.

Some precautions to consider:- Make sure the person who is the borrower of the underlying bank mortgage fully understands the implications  of a wrap, as well as the buyer- Consider a 5 or 10yr balloon note (vs. 30yr fixed) if you are worried that the seller may have 2nd thoughts down the road- Buyers should need to bring a significant down payment to the deal so that they have skin in the game- If your state allows a Deed of Trust for the wrap note, I suggest using that document (vs. a Mortgage) as it will put a lien on the house allow the Seller to pursue a non-judicial foreclosure if the buyer does not perform.- The home insurance after the sale (the new owner is the "insured") should retain the name of the previous owner(payor of the bank note) on the insurance as "additional insured" so as to not set off any alarms with the bank.- Use a 3rd party loan servicing company to collect all mortgage and escrow payments and make all appropriate payments to the bank lender as well as seller finance lender.   

I imagine using the HELOC allows you to quickly close on a property, right?