If you depended solely on rental property income you would be in trouble if you had a catastrophic level of vacancies or other problems related to the properties. 8)

.`(2) DETERMINATION OF PRINCIPAL OBLIGATION AMOUNT- The principal obligation amount of the refinanced eligible mortgage to be insured shall--`(A) be determined by the reasonable ability of the mortgagor to make his or her mortgage payments, as such ability is determined by the Secretary pursuant to section 203(b)(4) or by any other underwriting standards established by the Board; and`(B) not exceed 90 percent of the appraised value of the property to which such mortgage relates.`(3) REQUIRED WAIVER OF PREPAYMENT PENALTIES AND FEES- All penalties for prepayment or refinancing of the eligible mortgage, and all fees and penalties related to default or delinquency on the eligible mortgage, shall be waived or forgiven.`(4) EXTINGUISHMENT OF SUBORDINATE LIENS- `(A) REQUIRED AGREEMENT- All holders of outstanding mortgage liens on the property to which the eligible mortgage relates shall agree to accept the proceeds of the insured loan as payment in full of all indebtedness under the eligible mortgage, and all encumbrances related to such eligible mortgage shall be removed.

This relatively new entity is legal in at least 14 states and takes the place of multiple LLC's as beneficiaries of multiple Land Trusts.

A person who had relatives right in this neighborhood bid agressively for it .The Unit needed a lot of work, but it was in a good neighborhood, and the Unit had tons of potential, and a couple of desireable features, (fireplace, plus bedrooms at opposite ends of living room)Oh well, I'm still looking for a sure fire deal I cant screw up, but I havent been able to find one.GL all .

You will be charging rent, not interest and all expenses related to ownership are yours.

You would be entitled to all the ordinary and necessary expenditures related to the rental, such as repairs, insurance, property taxes, maintenance, etc.

I'm a little worried that a Banker/Realtor/Lawyer won't take me seriously because of my age, but my parents said they will sign on a loan because I don't have any credit history.My major goals are to have a stream of income in college and to be financially free when I leave college.Does anyone have any advice for me?

In this market with so many preforeclosure and foreclosures, it should be relatively easy to pick something up that will cash flow.

This day in age, lenders are happy to receive timely payments so I have yet to hear of a lender actually enforcing the due on sale clause.

Just think, if you start off around the age of 20 and work hard, then you should be a millionaire by age 30.