Rooming houses dwindled in numbers, and zoning regulations took out the rest.Now apartments in popular suburbs are as expensive as in center cities, and for people of even moderate means their own apartment or house may not be realistic financially.  

My purpose behind my decision to pursue REI is to gain financial freedom for wife and I, my future family as well as have the ability to make sure my parents are well taken care of once they reach the retirement age.If I had to label myself I’d want to be known as an open minded rental investor for all long term, mid term and short term investing, with the occasional flip for quicker capitol to put back into another rental.

Financial objective- 100% to 400% cash on cash or don’t do it.  

You are not spreading the financial risk if you are responsible for all capital.

If the institution is a bank, like a small community bank, it is likely a portfolio loan and they own it and always have.

Make sure whoever you put in there is financially responsible and I'd do a 6 month or month to month explaining in summer rates will increase.Keep us posted. 

Enhancing the property's curb appeal and ensuring well-organized financial records contribute to a successful sale.

Financing provided through this program is only available for properties located in Michigan or Florida.Available Product Type: SOFR 7/6 ARM, SOFR 10/6 ARMLoan Amount: $766,550 MaximumLTV: Purchase and No Cash Out Refinance - Maximum 99%Prepayment Penalty: NoneLoan Assumption: NoneEligible Properties: 1-unit dwellings, attached and detached condominiums, PUDsEscrow: An escrow account must be established for property taxes, and flood insurance, if requiredUnderwritingNo Private Mortgage InsuranceOccupancy – Primary residencesMinimum Credit Score - 700DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)Student Loans – If in deferment, no qualifying payment requiredDown payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift fundsAttached condominiums require a 10% down paymentEligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.Servicing: Retained

Your best approach is to assume the loan in your personal name and explore legal and financial strategies to integrate your entity afterward.Feel free to reach out with further questions—I’d be happy to help!

You will be able to find a co-op apartment that allows rentals but whether you'd be able to close on it is another question.Co-ops with poor financials will have trouble selling units to borrowers using a mortgage.