@Cody Hunter  1)all lenders  have   ltv / cltv  guidelines  so check with the proposed  lender to make sure that a 2nd is allowed  and  also as to what the  requirements are   ...2) The lender will normally require that the  2nd  has realisitc rate and payment  and this payment will be used  in the  qualifying debt/ income ratios  

When ever a project is proposed with higher density and smaller homes, the neighbors all complain with same old stanza "not in my backyard". 

Come up with a proposal… show them the return on a single rental versus what they are earning on their savings / money in the bank / etc.All the best!

The agent at US Bank propose we submit the application and if approved in 10 days then I can further evaulate.

She took the deal that I proposed in the beginning, $305k+1/2 UO costs.We closed on 7/25/22 at $318kNow on to being a landlord/PM for a 5 unit place

If there is nothing in writing about the renovations I would put a stop to the right away - I foresee him having to undo all of the work as I'd assume it was not proposed and approved with permitting which means your friend is going to have to undo all of these modifications.

It is your monthly debt liabilities + your proposed monthly mortgage payment divided by your gross monthly income.The HELOC will affect your DTI ratio and thus reduce your maximum approval amount.You should talk to a lender so that you can get pre-approved.

.✔ Clueless elected official discusses "feel good" legislation that will have zero impact.✔ Clueless elected official panders to the stupid voters by taking shots at landlords as if 40%-50% increases are normal.✔ Pious charity woman complains about minimum requirements, as if everyone should be allowed to rent even if they can't afford it.✔ Clueless elected official panders to the stupid voters by discussing the need for rent control, which will make the situation worse.✔ Scumbag elected official places blame for the homeless on landlords, knowing full well government policies are to blame for lack of housing.✔ Piece of crap elected official make preposterous statement that landlords can set rent wherever they want and their greed is creating homelessness. 

We do deals all the time where people are added to Operating Agreements because they bring something to the table like: Money, Credit Score, or Experience which allows for better terms on the loan.I could still propose that.

It was suggested to me that a more accurate way is to base it on the square footage of the proposed building.