If you're living in it now, you'll probably be required to have a signed lease in place as well as proof that first month's rent/security deposit were collected in order to get a DSCR loan (they're business purpose loans and don't allow owner occupancy).

For example, the most important job of a property manager is securing reliable tenants—those who stay for many years, always pay rent on time, and take good care of the property.

I'm working on part of an investment strategy and I'm curious about having one more valuable property that, either through a large down payment or BRRR method comes in at 70 LTV, versus using creative financing to have multiple less valuable properties at high LTV.So, assuming all properties would be at just above break even, is it better to have one $600k property at 70% LTV, or four $300k properties at 95% LTV?

And maybe it's not all or nothing for a given method, sometimes a combination of various financing tools is what wins.

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.

Their most common threat is a security deposit dispute.

I guess my problem with being too up front about seeing their place is that I don't feel like I'm in a position of power right now to decline people since it's hard enough to find people that I want to even get to that point in the application process in the first place, but I have to snap out of that mindset and have to instead come from a place where I make them believe that I have a lot of other applicants and that it's my standard policy and it's something they'll have to go through if they want my place.....ESPECIALLY if I decide to only take 1st & security from them rather than 1st/last/security.Thanks again!

Here is my current situation - I can probably secure a personal loan for about 200k at around a 3-4% interest rate with a 5-year tenor.

The article below sheds light on how DSCRs come into play with the BRRRR method.

As Sean Wagner mentioned, the city of Chicago has adopted their own regulations on charging what's commonly referred to as a "security deposit" you need to do it another way.