Note: We do 50+ investment property loans a month and the most important thing I tell BUYERS of properties being sold as or soon to be STR is make sure you are paying the market price per square foot and do NOT buy based on income approach/CAP rate.

This being said, I don't believe we'll be able to meet the income requirements to qualify for a conventional.This leads me to believe hard money or private lender is more the only option to get my foot in the door, use my business to make repairs at very good rates, build some equity then refi once the balloon is due. 

That way, you can get your foot in the door, start building equity, and stay at home a bit longer to save more money.You could also consider the BRRRR method where you buy a fixer-upper, rehab it to add value, rent it out, and then refinance to pull your cash back out.

We have much more robust capabilities in MLS that typically in most areas aren't available to the general public. 

Ugh.In all seriousness, I think for $50,000 with a 1200 square foot house in Michigan should be able to modest rehab.

Ideally, I would’ve bought closer to Huntsville or Madison, but the rent-to-price ratios just didn’t work for cash flow in those areas.This property is a 2,100-square-foot, 4-bedroom, 2-bath new build in a really good school district, which is what sold me on it.

I put on a duplex I had there and got 6 offers so I know the market is robust.. there currently.. contact me privately if interested .  

A week into the job he was still demoing an 1100 square foot row home in Philly. 

I talked to a modular home company in my area, and he said to build a 4 / 2.5 2200 square foot home would be 215k, and then foundation and utilities would be another 160k.

It may be harder to find that type of property in a rural area with acreage, but it's a way to get your foot in the door as an investor and also have a place to live.