I broker my HELOCs to TCF bank specifically because they will accept Fannie and Freddie's standard methods of calculating DTI (which your local credit union obviously is not) instead of re-inventing the wheel, with the only deviation being that they will calculate their own debt obligation more conservatively (which makes sense given that it's an interest only product in 2nd lien position). 

Still learning here . . .Just curious what's the purpose of putting the property under land trust versus just standard individual/personal name.

Not using a central system can cause mildew problems on top of everything else.If you really don't know what's standard in the area you're building in though, stop to regroup -- you shouldn't decide anything without figuring that out. 

You may want to acquire property through standard practice which will likely require you to have a job that qualifies you for a mortgage.

Just a laid back midwestern town, close to base, turnpike, casino, and surprisingly, came well rated this year in their school system.

Just because something does not meet your standards does not mean it won't meet the standards of others.

Floor joists in the bathroom need to be repaired due to extended water leaks that have caused the joists to rot.It needs a new roof and POSSIBLY some updated electrical work.AGAIN, I stress I will look at the home tomorrow so everything I am sharing is "heresy," which of course the bank would then look at and then consider whether or not it meets their livability standards for the purposes of a loan.

The down-fall is by going FHA, the home must meet a specific minimum standard and move in condition.

The standard is that you have held the property for productive use in business, trade, or for investment.  

Does the seller know when you're signing as a wholesaler, or do you just take one of the standard "outs" that everyone has in the early stages of a real-estate contract, with no advance notice provided to the seller?