Will we have issues doing a cash out refi or loans with 1099?

[Robert S.]

Purchased the first property now wondering what’s going to happen when we try to pull out money from under it due to not really having a regular w-2 job and it’s mostly 1099. Only good part is our primary residence is not under our name and we have no mortgages.

Will I have to file taxes and show more earnings? Or will they be lenient that the property is paid of and that will help?

I know everyone says start talking to people so I’m asking on here and will be calling local banks next week to try to build a relationship with one of them and get prepared for when we finish remodeling and have a renter in place that pays the first month or 2 before we try to get a cash out and buy another place.