if you're W2 and full-time, hourly or salary, you should be able to go off your pay stubs for qualifying.

You pay for the basement reno out of pocket and cash out immediately...instead of waiting for 6-12 months

Hey guys,  Im thinking of shifting my traditional checking/saving account and mortgage to a manulife one account which my broker has suggested so I can be ready to pounce on a house and properly conduct the yellow letter direct marketing offering cash when they want it. 

Also, there is a penalty for refinancing out of the DSCR loan within so many years.

I am in the Tampa Florida area and I would be happy to help you out! 

He pays seller's note ("outside" loan), and then the seller turns around and pays his loan ("inside" loan).

Does anyone know of a good resource for this type of rental or a good contract attorney?

Many, many people have made huge fortunes on SFR's alone.Speak extensively with anyone who invests in RE and do everything you can to pull out why you *shouldn't* do something.

My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.

Your paying $180 for nothing for now.