Hi Lenders, currently in the market for a cash flow management tool to help organize payoffs and broker commissions to get a better understanding of how many more loans I can fund on a given month.

I would pull a FHA loan for $665,000 and live in one side and rent the other side out to a family member for $2,000 a month.

Or putting 20% down in a conventional loan so you can also avoid PMI. 

Finally, short-term rentals can offer potential tax advantages, as many expenses associated with the property may be deductible.

If scaling quickly is your goal, DSCR loans are a great tool for the refi portion since there’s no 12 month seasoning requirement like conventional loans, and DTI isn’t a factor. 

Quote from @Jarrod Ochsenbein: I purchased an existing Padsplit with a DSCR loan. 

You can talk to the bank about a loan; however, my bet is they will want some form of contract and scope of work and will only pay him at set milestones.

Go to your town clerk, and look up all the information on the loans on the owner and the property.  

The DSCR loan would allow you to qualify based on the rent you are collecting and get up to 75% of the value (175 x 0.75 = 131.25k, minus 20k payoff and closing costs.You could get a line of credit or a bridge loan against it to borrow money, but it would be higher interest.

If you are going to be an owner-occupant, want a low down payment, and are planning to do a renovation, the FHA 203k and Fannie May Homestyle loans are your best optionsHow do you know the property is currently upside down on the mortgage?