I roll the points into the note so I am basically getting interest on interest.

If your campaign is geared toward foreclosure/pre-foreclosures, focus on the problem and the fact you may be the solution.

This is a VERY VERY VERY thin something...pre-hab, whotail...something, but it isn't a Wholesale deal.I have lots of questions...like, What price is HUD listing the property at?

Credits to settlement costs excluding pre-paid items such as insurance or taxes, is not financing as those credits don't reduce the purchase price. 

It's in pre-foreclosure.

In the old days, it was all about the project (pre-crash).  

If he had already seen the property - in a pre-MLS agents open house or similar - he would be justified in buying it. 

Max, typically 1-4 units you can get 20 year / 25% down /4.5-5.5% interest that reset every 3-5 years within limits (2% pts per reset / 6% pts lifetime for example)Once you get over 4 units, they call them "commercial" loans vs residentlal (terminology varies, so sometimes this is confusing) Typically, 20 year / 20-25% down / 5-6% reset every 5 years and have pre pay penalties like 5% first year, 4,3,2,1. 

We typically focus on making sure major systems are up, and then begin unit upgrades on a rolling basis.And thanks for the suggestion guys- I have emailed Sean.

I have already been pre-approved for a FHA loan.