I was hoping to find a distressed property I could fix up but FHA doesn't approve those generally.

Some will require your approval after a specific repair amount but the small repairs are generally done without your approval and you just receive a bill.Another thing with management companies is some will convince you that you should charge more for your property.

If these Title III changes are approved it's going to be huge for real estate funding.

Right now, our "remote" team is only semi-remote as everyone lives in MA and does a few days to a week in the office once a month.So, if they approve me for out of state telecommuting, I'm moving to the Orlando area and will look for property there and if not, I'll most likely be looking in Worcester county or somewhere else in Massachusetts that isn't Boston (which I can't afford!).

Here is my current plan (with some follow up questions I need help with): I will go get pre-approved for an FHA loan, and begin looking for a Multi-family property (preferably 4, but possibly 3 units).

Cannot have a felonygo to the UPS store off Breckinridge Lane and get a FBI fingerprint card....get a $18 money order...mail in your money order and finger print card to the FBIwhen it returns in 6-8 weeks mail it in to the state commissionsign up for a class with an approved Pre License Providersit for examif this wont be your full time job then get on with a broker that does not charge for office space (approx $30 a month)take annual clasess to maintain license requirements.

You protect yourself by saying that the deal is contingent on an inspection or approval of partner.Then you have control.

As a matter of fact, I got him per-approved yesterday.Now searching begins.Best of luck to you.

I haven't gone through that before (1st flip sold to cash buyer).Do you go through Purchase & Sales Agreement before getting a Desktop Underwriter approval?

Technically, not notifying/seeking approval of change in ownership makes the loan in technical default if they checked, but I haven't heard of people coming to a problem with this, because it seems like most banks don't want to rock the boat as long as you are making your payments..