One of the reasons you see so many people discuss FHA as an entry is because it has been a low down payment product for so long.

The main principal is that you acquire them and hold them.  

We could have gone with a 203k instead of your client’s offer, but chose the cash for obvious reasons as timing is critical to my clients and they are counting on the closing this Thursday, June 18th.It’s a shame your folks do not have a contractor relationship who understands how to create a quality product, while ensuring an investor gains a healthy return on their investment.

Thanks,Mitch Hi Mitch - there is no waiting period if financing into their portfolio product.  

Downpayment Funding Sources SavingsHome Equity Lines401K Loans2nd MortgagesRoth IRA self-directed optionsDeal StructuresThe deal structure will be to 1.Acquire the property2.Rehab the property as necessary3.Rent out the property4.Try to keep tenants for as long as possible5.Maintain the property6.Rehab the property during turnover7.Keep repeating until a sale or more rentersExit Strategies 1.Buy and Hold and use home equity lines of credit to fund future deals2.Buy and Hold until the rent is 0.5% of sales price3.Buy and Hold and sell to invest in a down stock market.Team and SystemsTeam RealtorContractorHandymanReal Estate LawyerAccountantMentorThink TankMortgage BrokerTitle RepInsurance AgentProperty ManagerSystems Automated PaymentsAutomated Maintenance Request SystemExample Deals 1.Identify a property, say 100K that can rent for 1200 a month. 2.Rehab the property for 10K within a month 3.Look for renters. 4.Place renter in the home with a year contract. 5.Renew the lease.

And if a tenant knows you'll be stopping by a couple times a year, they probably wouldn't want to set up shop in the home in the first place.You should also be aware that in TX on the Seller's Disclosure form, there is a place to check if you are aware of the premises being previously used for meth production.

Is it still possible for me to acquire this property even though the family has started the foreclosure process?

Can I qualify for an FHA loan using my current NY job and use it to acquire a property in FL or someplace else for that matter?

Also, how do you plan to acquire properties?  

What length for financing term would be appropriate for acquiring lots and constructing single family homes for resale in today's market?