Also, credit score minimums are higher- often requiring a middle mortgage FICO score of 720 and above.

5C's of credit are a good framework to understand the fundamentals.

Rate will also be in the high 9s depending on PPP and credit.

A partnership requires three things to be successful - Experience, Capital and Time.It looks like you have the capital and experience but maybe not the time.I have my doubts about this working if you have a friend who has weak credit and a limited cash flow.

I'm not an loan officer, but I know some banks locally like ORNL Credit Union have offered a 0% down conventional loan product.

Mom and pop keeping the MHP forever and passing it onto their heirs who keep rents artificially low forever.

I make sure I screen each potential tenant thoroughly (background and credit checks) and require references.

(This assumes you have a credit card available to pay for any repairs.).

If It is a wholesale DSCR lender that also does TRID loans, they might require a bit more paperwork, such as a VOM, mortgage statements for properties currently owned, and credit supplements on mortgages on your credit report.

I was going to add, as posted above, it's a great rate and stick with that local credit union for the future business.