If you are looking for more of a passive income stream, purchasing underlying performing mortgages is easier (not so hands on, albeit tougher to find good ones), and if purchased correctly, they produce better returns.

Credit, income, reserves, experience in your line of work and in real estate are all factors that a lender will consider in making a conventional or commercial loan under.If you're strictly free lancing work on a non-contract basis, you may find a portfolio lender to provide a conventional loan if everything else is strong and you're just a few months from meeting the two year mark.The loan to value will also be a consideration, you'll have better luck asking for a 50 or 60% LTV loan than holding out at 75%.Best thing for you to do is to see your local lenders, banks and credit unions as they may pre-qualify you being aware of the issues, many mortgage brokers may find later that actually placing the loan will be a little tougher and you'll be spending money up front getting a loan package out of a broker's office to a lender.

It's a lot tougher than the guru, and even BP makes it out to be!

There are still opportunities out there, but tougher to find in some markets than others.  

What many RE investors were doing was partner with home owners Now I know with lending laws the way they are this would be tougher.. but I knew many who.. had cash they would be the cash partner put down the down payment on a PA home and remember you needed 20% in those days.. so 100k down and then the credit partner would move into the home as owner occ... and they would have a 3 to 7 year profit split arrangement..

I would think that would make it tougher to fill vacant units.There are several people from Maine here on the forums and the consensus I have heard from them is that the landlord typically pays for the heat.

It’s definitely tougher to cash flow in a good part of Melbourne now.  

Oh, by the way, my brother passed away in 1957.Jamie, sorry if I hurt your feelings, I thought you had a tougher skin than that.

I understand Detroit is doing it tougher than most right now, but....

The issue is 3 units are tough to come by 4-6 units, are even tougher in Providence.The approximate rent for a renovated 2 bed in Providence (from what I’m seeing) is $1300-$1400.