Etc.Essentially, you're banking on these units being financeable with conventional financing after taking ownership, but don't have the protections in place to ensure that is the case. 

@Valeria T. your acquisition financing does not reflect HML, it reflects conventional financing.

As a small city, it is great - top restaurants, sports, concert venues, conventions and great economy. 

Only conventional loans under government guidelines are required to allow borrowers mortgage extension.For any borrower who heard from from a servicer that they don’t have to pay and they will not be marked as late. — The borrower needs to understand other terminologies used by servicers reporting to credit bureaus, such as “Paid not as agreed” etc.

@Michelle Born In terms of escrow for potential property income being allowed from a Fannie Mae/Freddie Mac standpoint the answer is a hard no if you are using Conventional financing. 

I can tell you that of the 764 properties sold, 139 were cash, 145 were FHA, 72 VA, and 399 were conventional financing. 

The conventional approach is to try and sprinkle your lease renewals throughout the year.

***UPDATE*** We are closing on the home next week and went from pursuing a FHA mortgage @ 10% down using Gift of Equity to being 20% down and taking a conventional loan out and using the remaining Equity above and beyond the purchase price to pay for closing costs. 

By the time I purchase my rental property I will have 20% so should I go ahead and get the conventional loan so I don't have to worry about PMI? 

Section 1031 in the U.S.A. is considerably different and allows you to exchange (upgrade) assets.I would also disagree that having four residential mortgages in your own name precludes you from seeking additional ones from conventional lenders.