I'll pass.Very rookie question for you, @Patrick Roberts and everyone else here: I thought that post-Dodd-Frank, the barrier for mortgage lender accreditation/licensing was essentially raised to a point that HML’s and private lenders were effectively iced out of securing loans with a mortgage or DOT.

You need a securities license to sell securities.

While off market deals may be your ideal scenario in securing an investment - lets discuss ways in which i can also possibly make that happen for you.Personal Standpoint - Wholesalers -  i would be interested in investing outside my region should there be an opportunity in fix and flip or BRRRR.

In addition to the management fee and interest, you may encounter several other costs when securing a private loan.

But I am open to it if I can use the security deposit to replace the carpet (not sure to what extent it is legal).I was thinking of getting landlord rental protection from Zillow to cover pet costs but my premium will probably shoot up since the place is carpeted.Would love your thoughts on this dilemma!

Each loan type will also have a number of fees that you will need topay to secure the funding (eg. you will be paying the broker for commercial,whereas the lender pays the broker in residential financing).My best recommendation is to talk with alocal commercial mortgage broker specializing inmultifamily lending.

@Reesey Ann - To this point, you might want to invest in some security measures to ensure this does not happen again.

One to hold all the security deposits and the other for collecting rent and paying your bills.

We plan to go all out in the next 10 years to try and secure our financial freedom and possibly begin flipping full time.

Typically, you’ll need a promissory note (outlining the loan terms, interest rate, repayment schedule, etc.) and either a deed of trust or mortgage to secure your interest in the property.