Anyone can go FHA if your financing a owner occupied property and you currently do not have a FHA loan.If you have 15% down for a owner occupied property you may want to go with conventional financing at 5,10, or 15% down with regular mortgage insurance.

If its a regular homeowner, no worries.Just have your agent call the other agent and ask the story before deciding on your amount and 'who' presents the offer.

4.)Is it as easy as going to my agent and writing up a regular contract?

The value for something like this is usually based on the income it produces.

If the home was surrendered, a discharge order will be issued for the mortgage.If the home was selected to be surrendered, the mortgagee may opt to finish the foreclosure to deal with any additional encumbrances on title or a Deed in Lieu can also be arranged along with a directed sale of the property to produce funds to satisfy the lien.

There is a meeting tonight and I look forward to seeing the regulars and meeting all the new folks from MA, NH, RI that make it to the meetup.

So, mentors do have their place and I've personally benefitted from the right relationships, however my experience with an overwhelmingly high percentage of students is that way too few produce anything profitable, so I insist on vetting by way of substantial up front training investment, for starters.

It looks like a regular fireplace to me, but I'm imagining some flimsy sheet-metal style chimney or something :-/Thoughts?

I DO understand the 'personal side' of my regular income vs debt..... but not the rental business side.Let's say I had a building worth 100K, with a 75K loan, 16.5K of income, 8,25K of Operating Expenses, 5K of Debt Service for a Cash Flow of about 3.25K a year.How does a lender look at that?

One idea is that you can form a Skype group with others by networking and having regularly scheduled chats.