I currently work at an engineering firm designing HVAC/Plumbing systems.

It's designed to help working families.

If you had a deal like this how would you approach it?

What would be the best way to approach this so that he can't back out and I will have some recourse if he does.

@Pin Srey I like your approach, flip the little higher end, keep the lower priced as rentals, great strategy.

A better approach would be to list ALL your monthly expenses minus housing costs (rent, utilities) and see where you are at with income vs. outgo.

Typically the home must be removed from MLS for 30 days prior to allowing a refinance in almost all conventional loan settings.The approach here is admirable.

The best approach is used a ton of weasel clauses like a wholesale does.Joe Gore

Because you're paying so much in rent, have other assets albeit overseas, and perhaps decent documented income, you should be able to go to a smaller bank that underwrites their own loans vs. selling them off to Fannie, etc.Try getting a pre-approval from a community bank (newer ones formed since the crisis are best) and/or approaching a mortgage broker.Explain your situation and provide an example house/financing scenario.Hard Money is always an option too.Rick

I built one more building of four designed the same way but the final 20 units I changed floor layout but kept the exterior the same selling these for 225,000.