.- Holding Period: 1 Year- Renovation Time Frame: 3 - 4 MonthsI would buy this property under the FNMA guidelines of the First Look Initiative which allows Owner Occupants the first "stab" at purchasing the property before Investors. 

Now the new leases are horrible asking a 6.5% cap which isn't bad but now no rent bumps in primary term until option periods after 15 years!

So while it's not as attractive as fully amortizing 30 year loans, it's still long enough for you to lock in a solid rate and have that rate fixed for a period of time until your balloon period.

Brie's advice (30yr) is in line with the majority of real estate investors and allows you the ability to aquire more property in a shorter time period.  

Based on current interest climate and the amount you owe I think refinancing won't help a ton...UNLESS you can find a mortgage with low closing costs.Depending on your amortization period you could end up resetting that and earning much less principal pay down per month by refinancing into a 30 year.Assuming a 30 year fixed is roughly 1.5-2.5 higher then what you're paying now it'd probably(LOOSE ESTIMATE) take 7-10 years for interest rates to rise high enough make the difference in closing cost + lost principal pay down...again the changing of interest rates will impact this greatly.

Can you get a longer amortization period than 10 years?

As I matured, I appreciated being able to settle in for a longer period of time and wanted to put my own touch on the place where I lived.

Reinstatement is eligible through the 20 day period from notice.  

Andrea,If this a conventional loan no gift is allowed under any circumstances period. 

so because of that i was not going to put earnest money in when the contingency period was already up(crazy right!!)