Since the rent roll was too low, she had to secure financing through a private lender that based the loan on market rent rather than the current rent.

The success of this situation would be the financing. 

Traditional bank loans can be slow and have strict requirements, while hard money and private lending seem to offer more flexibility.For those who’ve secured funding before, what’s been your experience?

Then any rental income you could obtain from that property could be used as an income source for loan pre-qualification.

You are walking into a potential situation that can break your heart, break your bank account, or break your will to ever try this again...Maybe if your lucky, all 3https://phillysheriff.com/property-listing/ Thank you for the information!

It also sets the expectation that rent should be paid through the system you’ve chosen without escalating the situation.

A better option if you can swing it is to purchase with your own funds, gain access, then refi into a loan.

If you’re unsure about which specific account to choose, ask a local CPA or banker, since every situation can vary.

DIRECT MORTGAGE LOAN COMPANY6.

I borrowed $30k on a personal loan from Discover for 15% with no fees for a plot of land and paid "cash" for it.