Hey MichaelC and Every One-

I am purchasing an investment property currently set up in a l/o which we have talked about in an earlier post. I am wrighting up an "Offer to Purchase" and want the rent credits to be understood as a down payment in luie of just lowering the purchase price. I understand that it all depends on the lender. Is this correct?

Thank you,
<Steve>

Steve, this is correct. The lender you choose to work with will set the policy on how rent credits may be applied. My experience is that almost without exception they will be a credit towards the purchase price, rather than a part of your down payment. If you find a lender who tells you otherwise, you've hit the jackpot. Keep him, and spread the word here, too!