Other than paying for an appraisal or BPO (and maybe a credit report), you should not pay a lender anything until your loan funds.

It looks like "Good Egg" is simply an Entity that collates funds, and then invests those funds on your behalf with the actual sponsors/general partners that actually purchase the properties, get the loans, manage the properties and distribute the funds.

Most min loans amounts are going to be 50-100k, so an issue there.

., the appraisal for 5+ is at least $2k-$3k) and the financing structure by lenders because Fannie/Freddie don't generally buy loans for commercial properties.So, for you personally, the biggest driver for the type of your next property is probably going to be the amount of a down payment/equity you can put in the property.

Hi Kyle,I am relocating to Phoenix in a few months for work and am looking to House Hack into my first rental property.

Your margin for error on a house that is valued under $100k is so tight.

We process, underwrite, close and fund the loan.  

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Quote from @Jeff Calcaterra: We have a potential tenant new to the area who has gone through a paid background check, signed a background check authorization form, sent us a LinkedIn profile, sent an offer letter and says he is willing to send us paycheck stubs, but says he doesn't want us to call HR to verify employment because he is supposed to have found housing already.

Perhaps you have coverage for the replacement value BUT the insurance company when calculating the replacement property uses modern building materials like drywall but your original house had plaster which is much more expensive.