If you pull this post, then someone else will want to start one up because it's a naturally volitile topic, and if someone else comes along and doesn't know the history, they'll want to post a thread like this.

Employment history and income need to be evaluated to really help make a great recommendation.What has your mortgage professional advised?

You are seeking entity financing---something like this one:Documentation: No Ratio, No Documentation Main Credit Score: 400 Credit History: Very Poor Debt to Income: N/A Occupancy: Owner Occupied, Non-Owner Occupied Loan Amount: $200,000 - $50,000,000 Lien Position: 1st Mortgage Cash Out Amount: $50,000,000 Loan Purpose: Bridge Loan, Purchase, Rate and Term Refinance, Debt Consolidation, Cash-out, Heloc/Line of Credit, Construction, Forward Commitments, Equipment Purchase, Unsecured Loan, Business Loan, Equity Capital, Venture Capital, Credit/Asset Enhancement, Takeout (const-to-perm), Home Improvement - Value After Improvements, Rehab, One-Time Close (const-perm) Property Types: Five Plus Units, Mixed Use, Farm/Ranch, Condo-tel, Retail, Warehouse, Raw Land, Hotel/Motel, Office, Care Facility Housing, Special Use, Industrial, Gas Station, Other Commercial Types, Office Condo, Non-Warrantable Condo Rate Types: Straight Fixed, Adjustable, Hybrid Amortization: 5 Years, 20 Years, 25 Years, 30 Years States: AL, AK, AZ, AR, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, International Special Features Drive By Appraisal, Borrower is a Corporation, Borrower is a Church, Borrower is a Trust, Borrower is a Foreign National, Non-Permanent Resident Alien Allowed, Borrower Owns Over 10 Properties, Mortgage History Only Reviewed, Bankruptcy May Remain Open - Ch.13, Bankruptcy from Filing Date - Ch. 13, Currently in Foreclosure, (bailout), Borrower with NO Credit Score Allowed, Score Only, No Credit History Reviewed, No Form 4506 Required, No Reserves Required, Gift Funds Allowed, No Mortgage Insurance Required, No Seasoning Required on Funds to Close, No Prepayment Penalty Required, Interest Only Payments Available, Less Than 2 Years Employment, Self-Employed, Non-Recourse Allowed, Recorded Land Contract Allowed, Unrecorded Land Contract Allowed, Less than 12 Months Seasoning Refi, (using purchase price), Leasehold Property Allowed, Less Than 2 Years Employment, Wage Earner, Rural Property Allowed, Seller Seasoning less than 6 months Allowed, No Minimum Number of Trade Lines Required, Less Than 12 Months Seasoning Refi, (using appraised value), Lease Option Allowed Regards,Scott Miller

I currently have a FICO of about 740, which is hindered mainly because of my lack of credit history, loans, and other things which are out of my control (my payment history is good).Also, my second question is whether it would be a good idea to start off with buying a fixer-upper first home to live in over 2 years and sell.

History proves how good PA's are needed and very helpful in getting all the money due to the insured for a covered loss.

I have some buyers in that area but I would need to know details of the property.Do you have an offering memorandum with pictures, sq ft size, tenant histories, lease rolls, asking cap rate at the 24 million price, last T12 (trailing) months of occupancy.

Although frames are better for cash flow which is one of my main aims, the history of rentals in my frames do not match that of my bricks.  

Makes me want to check out the guy my daughter's dating to make sure he's not a gambler.As far as making sure we can buy and sell property and collect rents, we've got a family member over there who knows the market and the laws.  

One way is to look at the street address of the court record and the address history of the person as shown in the credit report.When I check criminal records on tenants and contractors, I use name and known addresses; for tenants I tell them that a match of name and date of birth on a criminal record is considered a match (I am not going to go crazy trying to determine if two or more people with the same name and date of birth exist).

If you quit your job you are no longer somebody the banks wants to loan to, they want a long stable work history.   2% is attainable in lots of the midwest, I recommend against trying it as a out of state investor.