I reside in Wrigleyville area, but invest all over the chicagoland are including NW Indiana.I would love to use your real name, but I don't see it anywere ,might I inquire as to what it is?

I reside in Honolulu, Hi.

While I agree that it doesn't make any sense to get into a negative equity deal, I assume your father is buying this as his personal residence, correct?

Logically you have a primary residence plus a rental property.

* The home qualifies as the seller's personal residence

I plan to live in my replacement property and walk away with tax exempt money after a two year residency (Hold for 5 years).

I've talked with two brokers today, and neither one has had an issue with offering me 100% financing on a primary residence.2.

It's truly all on your shoulders.GregI am interested in buying a REO as my primary residence.

You could use whomever you wanted to do the work but time would be your enemy.Someone correct me if I'm wrong on this.I am planning on using a 203k to buy a fixer upper as a primary residence and either sell it when the time is right, or pull equity to fund other REI opportunities.

You really need to know what your personal interests are and where you want to reside first.