Part of the qualification is not being arrested for drug violations by any memebr of the household.

The basic qualifications are roughly:For mortgaged properties 2-4:25% down payment, based on purchase price or appraisal, whichever is lower.

You'll need to meet other qualifications.

Already surprised as it was supposed to be no income verification, no credit report, no appraisal, no qualifications other than 12 months of on-time mortgage payments on the property and verification of funds to pay prepaids as not allowed to include in loan balance.

But doing first true commercial loan for a retail building (1.5M loan with 75LTV) can be a different experience due to different qualification process.Questions:1. who are best lenders?

Signature loans, small amounts, fewer documents involved, qualifications of borrowers pretty well carved in stone without much leeway by the loan officer.

Your $290 profit is a perfect 10%I was thinking $1450 + $1191.55 (PI) + $155 (back taxes)=$2796.55Or $103.45 cash flow per monthI did end up skimming your post due to your lack of paragraphing, so if I missed something and am way off, sorry.Edit: as the poster above me stated, that PI is based upon a mortgage with very specific qualifications, which you very well may not meet.

It's usually a bank statement, a letter from your bank or a screenshot from your online banking page.What you are talking about is a pre-qualification or pre-approval letter from a lender (regardless of what they call it), and is used when making financed offers on property.If you try making a cash offer using this fake "POF," you'll find that most of the time, the seller will disregard your offer or make you change it to financed.Now, to answer your question, if you make a financed offer, it shouldn't matter whether you change the lender in the middle of the process, so long as the original lender (the one that provided the "POF") is a viable option should the new lender not be able to provide the funds.The key is, you need to be able to follow through on whatever you're telling the seller -- if you tell the seller it's a cash deal, you need to be able to follow-through with cash (and prove you have it); in this case, if you're telling the seller you are approved for financing, you need to be able to follow-through by getting financing, regardless of who the lender is.

I have a written list of qualifications that I explain on the phone.

Let the seller cover the financing so you do not have to pay fees and jump through the qualification hoops.Land sale contract, the seller taking back a note, maybe even a lease option deal are all possibilities.