I also want a healthy maintenance budget since a tenant will get in there and there will no doubt be (hopefully) small items to contend with... 

The fix itself runs about $300 per visit, but then there's the drywall that has to be patched and painted, and whatever water damage to contend with.

For now the two main contenders are Union Savings Bank and Quicken Loans.

Obviously you aren't putting stainless/granite in the lower end rentals, but still, even assuming good mechanicals, a new kitchen, bath, misc. repairs, still has to be expensive, especially if there is lead paint to contend with.

- The 203K loan doesn't come with a prepay---the homeowner can opt to do a FHA "streamline refinance" after rehab/renovation is complete to take advantage of better interest rates/lower monthly payment (A FHA streamline refinance doesn't require the verification of income/assets again nor does it require a new appraisal).Hope this helps---I offer the other 1 loan and 2 loan alternatives (that require a min. of 5% down payment), but I still believe that the 203K loan is a strong contender for someone in your stated circumstances (good credit/no money).

Steven J.If you are saying you are planning on getting directly involved, as in a lonnie deal, there's Safe Act issues now to contend with.

The traffic is too much to contend with for a 0 return.

It would be a very hard thing to defend in audit- that being said even if it DID qualify it for service the other consideration is that there are still other expense v. capitalize issues to contend with.

Also, try a commercial mortgage broker, not one that deals primarily with homeowners.I did find a few other options, the most likely contender was Wells Fargo Commercial Equity LOC, but they only had a 15 months term, and 70% LTV and also had a early closure fee.  

What style layouts might be the easiest to contend with?