It's taken a lot of cash so I've sold 2 along the way to keep paying for the rehabs.My experience has been that the quality of the product will determine the qualify of tenant you attract. 

Buying the cheapest fixtures/appliances/products.

Those are only issues to people, so if the property is owned by a company the financing options are commercial lenders, which also have good loan products, but currently around 4.5-6% interest for a 25 year loan, while a Conventional loan is around 3%.  

Given the long term nature of our relationship with the owner, he was kind enough to allow us to view the listing before it went public and given we had already completed an enormous amount of research into the project we were able to offer full asking price.

Given the long term nature of our relationship with the owner, he was kind enough to allow us to view the listing before it went public and given we had already completed an enormous amount of research into the project we were able to offer full asking price.

If so, you can refinance out of the FHA product into a conventional, and use FHA again (if you're willing to relocate).

@Kendric Ng I would call around to well known LOCAL banks and take their investment bankers to lunch or coffee and explain your goals and get their product offerings.

But other than those few with a finger on the pulse of rising foreclosures or the preponderance of risky mortgage products, the only real evidence to support a bubble burst was a long steady march up in values.

FHA/PMI products), as we're only trying to put about 5% down to use the excess cash for rehab. 

We can easily determine the additional cost of electricity, gas, water usage, and consumables (paper towels, laundry detergent, cleaning products, etc.).