However, there are risks, such as stricter lender requirements on the use and location of the property, and lenders may require you to prove that it is used primarily for personal vacations (not exclusively as a rental).Additionally, using it for short-term rentals could lead to changes in loan terms, and some lenders may not approve if they suspect the property is being rented out frequently.

Hey Dutch,My IC Membership refund was approved 2/13/24, and was advised 2/19/24 that it would be processed that coming Friday (2/23/24).

They gave us a pre approval on a cash out refi.

From what I remember, I just make a claim on their website and wait for approval. 

I had homes built in Florida and it took almost a year once all approved.

DSCR Loan (Best for Scaling Portfolio) 💰✔ Approval based on rental income, not personal income✔ Typically 20-25% down✔ Higher rates, but no income verification✔ Great if you want to buy more properties quickly4.

Their fees and interest rates were high, but they had the least restrictive approval terms from what I gathered.

Focus on getting pre-approved, analyzing deals in both cities, and networking with local investors to refine your approach.

Financing your second property can be tricky since lenders may only count 75% of rental income toward your debt-to-income ratio, so get pre-approved early.

.**** My current issue with the lender that I recently spoke with was that I had to have experience building a SFR on my own property and have sold or refinanced and held in order to be approved for the loan.