It has sat empty for the last 20 years but the current owners have completely gutted it, have bids from contractors they're willing to share, cost estimates etc. and have had lots of inspections done and so much pre-work with the city and county to figure out what they can and can't do, so a solid plan is already in place.

One way we fight this is with photo verification pre-lease signing and not approving renters who don't view the place in person, our credit underwriting software also flags apps that have a high likelihood of fraud.

Seller Pre-Sale Financing: Consider selling the tenant-occupied property "as-is" now to an investor, perhaps at a slight discount, which could save time and eliminate renovation costs.

As with every loan process, there are terms and steps the foreigner needs to follow, such as the loan application, which includes pre-qualification and property evaluation.

This means sizeable monthly payments, but if utilizing with Value Add you can pay off the loan without a pre payment penalty at any time.Hope this helps!

I also do a pre-screening questionnaire over the phone before I agree to a showing.

My understanding is that the ballpark standard of "unless it would be outrageously tough" (something along those lines) is what applies if you're doing a rehab, seeking new permits, doing structural changes anyways, and things of that nature.For existing pre-ADA structures, my understanding is that the standard is more along the lines of "if it can be easily/cheaply done, you have to do it."

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

He is currently a travel PT that makes $37k pre-taxed but after including all his stipends, his annual earnings are  closer to $95k-$97k.

I am looking into my first property and have been pre-approved for a renovation loan from a conventional lender.