I have been involved with self directed accounts in a number of ways.

The situations where land and/or vacant buildings were owned prior to 2018 are usually the most complicated and typically involve the a little more tax risk application of the OZ rules.

I would proceed very cautiously when zoning is involved. 

I deal with the monstrosity known as the NYC building of department as well as smaller municipalities like in my hometown of Yonkers and there is a wide variation on the time involved and what they require.

@Troy Schwamberger RE agents can pull a list of Pre-foreclosures in their tax programs.

Then, once each rental is done this way and applied to income or debt, they are going calculate your DTI and qualify or deny you based on the DTI requirements of that particular loan program (28%, 30%, 35%, 40%, 60+% back in 2005, whatever).The above underwriting method is know as "washing" the debt of each rental property with its income.Another way that they do it is they simply take the PITI of each property straight to the debt, and the rental income from each property straight to the income (usually also reduced to 75%); rather than washing it first.It is advantageous to the borrower's qualifications to "wash" the PITI with the rental income and then apply the remainder, whether positive or negative, to income or debt. 

Multiple subcontractors would be involved. 

How many of you have done any of these programs? 

Hi I recently came across some local programs in the Chicago area (Chicago Home Assistance Program) that offers a grant for up to 7% of the loan value so I was just curious to know if anyone has used any government sponsored programs like this to buy an investment property.If anyone has any experience with this I’d love to hear about it.

LolI’m looking to be more involved here on the forums to learn from people with more experience than I have.