If anything, you should come up with your own rental application rather than use the GBREB form, which is too condensed and doesn't ask for enough.  

But you may need to start by getting an applicant first and then they do the inspections. 

This came up 4 months after application, only after the appraisal came back. 

Our bank sent over the mortgage application docs and literally every piece of paper had something incorrect on it.

If they like the unit we have go through the same application process as a non-HUD tenant which involves a background check and other checks.

I know this is an old thread but it helped me so I figured I would post this for the sake of forum posterity-Here's the actual law:http://www.justice.gov/crt/fair-housing-act-2Here's the text pertinent to the exclusions: (b)Nothing in section 804 of this title (other than subsection (c)) shall apply to-- (1) any single-family house sold or rented by an owner: Provided, That such private individual owner does not own more than three such single-family houses at any one time: Provided further, That in the case of the sale of any such single-family house by a private individual owner not residing in such house at the time of such sale or who was not the most recent resident of such house prior to such sale, the exemption granted by this subsection shall apply only with respect to one such sale within any twenty-four month period: Provided further, That such bona fide private individual owner does not own any interest in, nor is there owned or reserved on his behalf, under any express or voluntary agreement, title to or any right to all or a portion of the proceeds from the sale or rental of, more than three such single-family houses at any one time: Provided further, That after December 31, 1969, the sale or rental of any such single-family house shall be excepted from the application of this subchapter only if such house is sold or rented (A) without the use in any manner of the sales or rental facilities or the sales or rental services of any real estate broker, agent, or salesman, or of such facilities or services of any person in the business of selling or renting dwellings, or of any employee or agent of any such broker, agent, salesman, or person and (B) without the publication, posting or mailing, after notice, of any advertisement or written notice in violation of section 804(c) of this title; but nothing in this proviso shall prohibit the use of attorneys, escrow agents, abstractors, title companies, and other such professional assistance as necessary to perfect or transfer the title, or (2)rooms or units in dwellings containing living quarters occupied or intended to be occupied by no more than four families living independently of each other, if the owner actually maintains and occupies one of such living quarters as his residence.

You can rent out rooms though, if you're up for that.When it comes to purchasing an appropriately zoned apartment complex, you'll find that the minimum down on it is going to about 15% through a traditional lending institution, so keep that in mind.If you're thinking about trying to include your current home as rental income during the loan application, most banks will require a two year rental track record before allowing it to be considered income.

Hello all,I would like first to thank you all for this forum because it is very instructive.Here is my story:I am an F-1 visa holder on OPT (optional practical training), and my employer sponsored my H-1B application. it got picked up but I am still waiting for the approval.Lately, I've been reading a lot about RE investment, wholesaling, rental properties, fix and flip... and I got hooked.

I am from a relatively rural area, so it seems the methods that would be used in suburbs of larger cities, or areas like Cali, with high population density might not be applicable. 

Otherwise, the greater of the applicable bankruptcy or foreclosure waiting periods must be applied."