Second question ties in with the first question: Will FHA allow this to be done?

You need to make sure your not putting the home owner in a bind by tieing up a property if you can't wholesale it.

Tim,Don't forget to tie it in with the "certified" jewelry appraisal angle ...

James - while this may be true - the bank still has a better/stronger position with a deed in lieu than without it.

I would not want to be tied down to having to meet you in person to pay the rent.

Now too much of my equity is tied up (this relates back to #1, in a long, conveluded way). 3.)

You're going to spend money and a lot of time with this person, basically your future in real estate will be tied to this person.

I have the details at my blog below in my signature.A lender would view this as owner occupied but if you try to refi while you are renting it out you will be tied to investment property guidelines.

This call definately sounds like something I need to be on considering the last 3 short sales I tied up are all BofA...thanks Nick-Scott, how are you getting them to do this?

One more to go to tie the Celtics at 17 Championships!