When buying with seller finance from a regular owner occupant homeowner, there are exemptions that mean there is usually little impact.

Yes - if you secured the loan by telling the bank this will be your 2nd home, then that is how the bank expects you to use it.

Am closing on an REO from BofA next week and in contract on another property that is a short sale own by BofA.My question is do you know if BofA have any rules or limit to the number of properties one can purchase from them within a giving time and the reason am asking is because they are the only bank that ask for social security number when you make offers.

If you have a junk offer with junk terms it's better many times to reduce the price a little and try to do a regular deal.With owner finance the seller still has to worry about the property,that you will file BK,that your LLC will file BK,that you will leave the property in worse shape then when they sold it to you,and a whole host of other scenarious like that.

Use a regular grant deed.

George,First the number 550 a month in rent.Let's break it down.For the area does the 550 offer first months rent free or half off or a waiver of security deposit.If that is what is a happening with competition for the area then rent is not 550.Let's say it is 500.Now look at the 500 per month.You will need to deduct your rents for crappy stairs to walk up,a sloped parking lot,no amenities,if you do not have a washer/dryer place for hook up etc.Your rate will now be considerably less than the 500 others are charging.If I am a tenant looking for a place I want the level lot,ease of walking into my unit,do not like tenants above me,ample and level parking,amenities,place to do my clothes.Buyers on resale will more likely want a 12% cap.I look at a lot of apartments for clients.This one to me is a pass.It has too many negatives going for it that make it hard to rent and retain long term tenants.Again that can be solved by a below market rent rate to make up for the problems it will still have after rehab.

You could bring in a money partner to stabilize but getting something is better than losing it and getting nothing.You could also look at selling to a land holder or a developer for cash to tear it down and rebuild something better.You can also approach your bank and explain your repair situation and see if they will help with the repairs to protect from a default and huge loss.Some small banks will do this sometimes.To the big banks for the most part you are just a number and a loan that has to be worked through.A HML loan will eat you up and I don't recommend that.A regular lender will not touch a property like that.

(*I understand that I am taking a risk by owner occupying to secure the loan and then quickly leaving for another building and I can deal with that*) I am also planning on using a HELOC that I have obtained from my primary residence to finance some of the down payment.Any advice or thoughts would be greatly appreciated.

Could I put the deal under contract, and assign it to a buyer just like a regular wholesale deal?

I'm now trying to finance the property to take as much cash as possible out, but my mortgage broker is telling me that because I don't have a regular job I won't be able to get the mortgage.