The bank hasn't requested income statements yet so they rejected based on credit rating and negative things on our credit from the past which have been removed as well as debt obligation on my wife's credit (cars, furniture).

Every time we purchase a property, our income goes up and thus negates the standing debt.Best of luck to the both of you!

The state exam was alot of scenarios, so be sure you understand the concepts.  

And any experienced seller, to say nothing of a Realtor, recognizes such POF letters for the garbage they are.Really, this is about the simplest concept in real estate.  

The cash management accounts is one negative is they hold higher reserves than you might so traps more of your cash flow during the year versus a standard loan.Non-recourse is great for HNW ( 1 million or more ) or UHNW people ( 25 million or more ) because no matter how rich you are or other assets you own the lender's only recourse is that asset as long as you do not violate one of the carve outs that turns in into recourse debt. 

I have declined as to not jeopardize my relationship with HUD as it is my "Golden Goose" so to speakFor the record,  I do not look negatively at the Wholesale industry and it seems like a viable way for many who can find and evaluate deals. 

I have done this more with ceilings than anything due to cutting down on the mess but the concept works both ways. 

When evaluating it as a rental it is cash flow negative so selling seems like the best option unless rents go up significantly in the next few years.

Do your due diligence. weigh the concept and benefits to you and enter into an LLC (an alternative to a partnership).

If you have one or two month vacant, then, most likely the cash flow of that year will be negative, if you add repair, maintain .... .... it will be even worse.The housing market here is picking up, its about 2-3% appreciation/yr.