This type of rental property is typically easy to rent depending on location, condition and rent amount. In fact I have a potential rental prospect now. Most landlords ask for a 1 year lease, and tenants are accustomed to that. If the home includes a garage, that is a plus. Most landlords also have a no pet policy, although tenants in most cases are willing to pay a non refundable pet deposit and an extra $25.00 - $50.00 per month rent if the landlord will allow them to have a pet. It is best to have a clear understanding about how many pets are allowed, and a descrption. Hope this helps. By Mike Kuck, Kuck Realty, Inc., ph: 419-394-3389.... more
You are the owner when title passes - if there is an issue that you are concerned about, you should consider delaying close and resolving the issue. When title passes, so does the house and any issues. Talk to you attorney about your specific concerns....
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If it's a rural property with land you may be able to get a USDA loan. But the land value can't exceed 30% of the total value. Most national lenders can give you this correct answers. Otherwise, it does have to be 1979 or after to qualify for FHA. Also, have you tried a credit union yet? They often create their own "membership rules" when making any type of loan. They are also good for investors who exceed the Fannie Mae maximum number of loans/properties rule. Good luck. Dave... more