Thanks everyone,Quick update.

For me this requires a 3/2 in updated, rehabbed, move-in condition.I can do FHA on this house and put down 3.5% My loans will be at 3.9% +/- depending on when I close.

You can have a regular S-Corp (incorporate and file form 2553).

I will update you on how that goes.also I have had the lender send a counter offer to the home owner for a few thousand.

But regular FHA homeowner loans are strict.

Nothing that can't be updated or turned back into a garage.I do hate to see such poorly designed conversions, that just says "I use to be a garage!".

I just added a shortlink for BiggerPockets over on G+ . . . should make it easier to remember, for those of you who are regulars: gplus.to/biggerpocketsIf you're not already on G+, I strongly recommend it.

I.e. work hard to lease out, retains tenants, provides timely maintenance, perform regular inspections.

This is not REO, I think it's a short sale, unless the appraiser website hasn't updated the owner information yet.I don't think this group provides a real inspection period--I can come by and see the house but I do not get an inspection period like you would with a bank--there is a $2000 non-refundable deposit to hold the place.I'll see if they have the power and water on.

Are you having regular maintenance expenses that his internal crew is working on?