They are Legal and Legit.

Im here local and would love to connect. we have some local meet-ups you can find on the events page : https://www.biggerpockets.com/forums/521 .

First of all, banks will have legal lending limits which dictates how much the bank can lend to each particular borrower.

The sale of the house cannot legally go through until that filing is paid off in full. 

Nor am I a paralegal None of this is legal advice or a legal opinion

I had similar situation and when I went to property there were holes in the walls etc that they hid from picturesWhile there meet with your PM and check out some of their other properties as well as other similar priced properties

You get the Dodd Frank Three Property Exception ONLY if you meet the other requirements, such as no balloons.

Owner financing also opens doors to people who might not meet current traditional lending criteria...or for various properties that don't meet traditional lending guidelines.

Here are some considerations:Rent-by-the-Room Strategy: Market Demand, Legal Considerations, Property Configuration, Lease Agreements, Screening TenantsManaging Remotely: Automated Systems, Local Contacts, Virtual Tours, and TechnologyProperty management companies: communication, client reviews, services provided, and local expertiseTo make sure local laws are followed and to discuss any possible legal issues, speak with legal and real estate experts before moving further.

I learned all of them from Zach - there was a bunch of stuff I was doing that is standard landlord advice but isn’t legal or allowed in Bangor.