.% down of the purchase price and the rehab costsCan be used for primary residence with 1-4 units (could also be looked at as a disadvantage)  When using 2-4 unit property, projected income from other units can be used to qualify 6 months' worth of mortgage payments can be rolled into the renovation budget if the house is deemed uninhabitable by the HUD consultantCredit scores can go down to 600s (lender dependent) DTI can go to as high as automated underwriting system allows (typically 56.9%)Allows you to buy a property in any conditionCan use it to fix minor repairs all the way up to basically a full tear-downFHA 203k Disadvantages: Interest rates tend to be about .25-.5 higher than regular FHA loan Additional costs include HUD consultant fee, inspections, title updates, and supplemental origination fee (Cost of doing business, but this is built this into your numbers, so it's no big deal)Must use a licensed General Contractor for a full 203k or up to 3 specialized contractors on the limited 203k Must hold onto the property for 1 year and live in it. 

I can probably manage to put 10% down, too.If there's any additional info needed, please let me know.Thanks,Kyle Shook

This includes an umbrella policy in addition to insurance for the dwelling. 

Does the property have room for an addition?

I know I'd need permits to add an additional driveway over the drainage ditch between the road and I've already contacted contractors and the county for water and septic information so my main concern is the separation of the land I want to keep using from the tenants. 

This will provide him with a steady source of income as he's moving into his new home and provides you with additional flexibility.

If you looking to update the back for added square footage I would visit an architect to redo the plans or asked the city can they grandfathered the additional square footage.

They both have "regular" jobs in addition to this -- she sells houses, he fixes them.

I have received late charges in addition to monthly rental fees.

Additionally, there is no dryer vent so I will have to add one and it will have to vent up, which according to my handyman is not recommended.My question is -- does anyone have experience with ventless dryers?