I would like to partner a friend and an acquaintance that owns land we can put a fourplex on. It appears that I can get the loan to build with him (since he owns the land outright). After it is constructed I would like to get the land owner out of it and finance the place with my friend using a 30 fixed mortgage. My concerns are I have business and rental income and no conventional W-2 income. Is there anyway to know how much the bank will finance? I have not done my taxes yet but I plan to have an AGi of 50k-60k. I have excellent credit. My buddy probably makes a little more but his credit is not a good like the 600-650. I do have some built up equity in an apartment complex I could tap into if need be.

-Example if I am 650k into this thing (including land) and it appraises for 750k can I use the equity as part of my downpayment?

-Say I have the place built and rented out buy mid September. On October 1st can I use the rents coming in as income for financing purposes? Comparable rents for this place a 1300-1500 per unit.

-My friend who is a contractor says we can get the place appraised before you start by using your building plans and the land and the bank will make a decision on that. That would be great but this is not a primary residence so I think that banks are going to be pretty tough on me.

The cost of the building I am confident will not be over 525k (including permits and the land will be at 125k. So I am going to plan for 675k.

I am prepared to come up with 25% down if need be but am hoping I can get some of that in in built in equity I can tap in to.

Thank you for any advice and comments,

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