I'll have to check with him to make sure we are using whatever portion of the allowance we are allowed based on her Modified Adj Gross Income.I appreciate the clarification and the valuable info.

Please don't hesitate to reach out if you have any questions or clarifications.

I was hoping to get some clarification on the anti-flipping rule. 

@amy weberThat would depend on a variety of factors, but I prefer better than 12% on performing notes mainly because I feel that I can attain that return fairly easily elsewhere not necessarily because that would be a fair return for this note.

Also, if anyone has any questions for clarification or other reasons, I'll be more than happy to answer!

As a quick correction, the PMI can be dropped at 78% LTV after 5 years, not 80% (20% paid down).The PMI counter is based on the origination date of the loan as well, this does not reset one the loan is assumed.Originally posted by @Joseph Zanazan: Beginning in June 2013 , the FHA moved away from its LTV-based system.Just as a quick clarification on this, the FHA hasn't moved away from an LTV based system post June 2013, they have just changed the length of PMI to permanent if you are putting down less than 10%, and if you are putting more than 10% you can have the PMI removed after 11 years.  

Thanks for sharing the rate you were able to attain.

A couple of clarifications to your advice.

Once you get the park in escrow, you will want to do a rent survey to confirm the $475 rent is actually attainable.  

This is why I try to always disclose in any comment that I may add that I am a new investor so, take it for what it is worth, and to try to attain an answer from an experienced investor.