They will be more expensive than conventional loans but are more flexible and are asset based rather than your income based.Preapproval from a HML is generally a piece of paper saying you are approved to borrow up to $X.

Those would be the last 2 papers filed.. if they won't let you make copies take a picture with your cell phone.. 

There are a lot of areas in Cleveland that look great on paper to out of state investors but are actually high risk areas that would likely result in you loosing your investment.So with the above action plan you can narrow down what you want to buy, where you want to buy & how you will finance what you buy.

As far as books are concerned I would recommend checking out Invest in Debt by Jimmy Napier, Paper Profits by Joshua N.

At this point I'm not worried about getting this deal I just want to do the analysis and learn from my mistakes on paper rather than to buy the property and learn the hard way.

If you're renting your place for $20k/year that's $600-$1600 year in extra expenses.Cap ex: You'll want to save some to replace furniture or fix stuff when it breaks.Consumables: Soap, toilet paper, cleaning supplies, etc.One of the best things we did was calculate out various scenarios.

However, I highly suggest you consult with your attorney to get these terms hammered out and put on paper to ensure you have it set up correctly and legally.

While they look great on paper, they rarely perform as anticipated.... they are just more difficult to manage. 

I will be putting up money for the down payment and securing  financing because my partner has changed career fields in the last year and may have trouble qualifying for a loan on paper.   

Set your goals Write them down on paper Review the goal daily Take actionable steps to achieve the goal