It makes the whole process that much smoother.Once you have gotten set up and discussed your goals with your lender and your Realtor has given you the rundown of strategies here in the Denver market, it will be easy to identify where you are heading.

If anyone has any tips or tricks to a first-timer, feel free to leave a reply (especially curious about standard practices for identifying deals).

Get a deep understanding of what the income and expense for the properties are and try to identify future capital expenditures that might need to be reserved for.

Fannie Mae's guidelines verbatim are as follows:Must be occupied by the borrower for some portion of the yearMust be suitable for year round occupancyBorrower must have exclusive control over the propertyMust not be rental property or a timeshare arrangement (this has the following disclaimer in the guidelines:  If the lender identifies rental income from the property, the loan is eligible for delivery as a second home as long as the income is not used for qualifying purposes, and all other requirements for second homes are met (including the occupancy requirement above).Cannot be subject to any agreements that give a management firm control over the OCCUPANCY of the propertyThis means that as long as you intend to occupy the property some portion of the year, you could absolutely rent it while you are not using it. 

The gentleman earlier pointed out, rightfully so, that three days in a room with Tim and other high-level investors will not give you all the knowledge and tools to identify, negotiate, structure, finance and, close deals.

Obviously paying interest on underutilized capital is sub-optimal but when factoring in the cumulative proposed transactional savings, the annual total interest cost could be equivalent or lower than the net of an alternative home equity line of credit on the same principal loan amount.One 'hack' could be to delay the actual closing of the DSCR loan until a quality purchase prospect is identified and/or near under contract.

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Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.

It should strive to become and remain proficient in its field and be competent to properly address issues which arise in connection with the ownership or collection of debts.CANON 3 – CONFIDENTIALITYAn RMAI Member shall always demonstrate their commitment to maintaining the confidentiality of consumer account data which shall be revealed through the development, implementation, monitoring, and annual review of security measures adopted for its protection, not only while having title to the receivable but also during transmission of the data occurring during the sale or purchase of the receivable.Commentary:A Member shall strive to implement the highest standards of information security policies, safety, and security plans and guidelines which meet or exceed any state or federal statutory and regulatory requirements for the safeguarding consumer personally identifiable information and account data.A Member shall abide by all non-disclosure and confidentiality agreements with the parties with whom it has business dealings regarding the other parties’ consumer accounts, proprietary business information, and trade secrets.The obligation to protect confidences does not preclude a Member from revealing information when consent is provided; as permitted in statute, regulation, or case law for the collection of a debt; or when required by law.It is not improper for a Member to give, as allowed by law, limited information from its files to an outside agency necessary for statistical, bookkeeping, accounting, data processing, banking, printing, or other legitimate purposes, provided it exercises due care in the selection of the agency and warns the agency that the information must be kept confidential along with the execution of proper confidentiality agreements.CANON 4 – COMMUNICATIONSAn RMAI Member shall demonstrate caution in its verbal and written communications with others which shall be revealed through the absence of false, fraudulent, misleading, deceptive, or unfair statements.Commentary:A Member shall accurately represent professional memberships, designations, credentials, capabilities, and experiences.The name under which a Member conducts its business should not mislead others concerning the identity, responsibility, and status of the Member, even if such name is permissible under the FDCPA or other state and federal statute.A Member shall not directly or indirectly compensate or give anything of value to representatives of the press, radio, television, or other communication medium in anticipation of, or in return for professional publicity in a news item unless such payment is disclosed in such news item.

Having a local STR agent can help identify those.