My original point is and was, there are no requirements to accept a senior lien offer less than total debt.

I had to go with the sellers to a city council meeting for the conditional use permit, and about 10 minutes on the phone when I was going for the extention, for a total of about an hour and a half, and it has been a great investment.

@Zack Karp The lenders I've communicated with said that since my IBR payment is $0, they'd have to use 1% of the total amount.

If you were in the process of gaining your first property and were approved for a 40K business line of credit, would you buy a SFH (there are tons of under 40K homes in Memphis, TN) or use some of it as a down payment for a SFH, or maybe take a totally different direction? 

Urine exposure can actually "burn" the dyes in grout, it was obvious she let the urine sit there for awhile.

I know I can throw the obvious trash out.

That may seem very obvious and not what all that sexy, but in my experience, that is reality. 

On top of that, with how hot RE is at the moment, if I include any kind of contingencies (Home Inspection/Financing) my offer probably won't get accepted.As for financing, I have spoken to an HML, and a Broker - 18 lenders total.

This is obviously a great equity position.

Note: My broker told me that the mortgage payment was $3665 and this already included the MI, taxes and insurance so that would be the total payment already.