Unless your all cash (no HML or PML), the 70% rule minus rehab is still my go-to rule of thumb.

Then these are applied to all properties in that area of the city.

However, consider calling the VA’s regional loan center or speaking with a VA-approved lender who can interpret the rules in a more specific scenario tailored for you.

Quote from @Mike Hern: Quote from @Michael Plaks:While it isn't directly related, does the Cohan Rule apply to real estate professionals without a W2, who lost their mileage book during the year?

Good thing is they don't have rules about the interior remodeling (except the regular county permitting process).

Structuring the Deal with a PartnerWhile your partner cannot directly participate in the loan, there are ways to structure your arrangement to reflect your 50/50 partnership:Option 1: Post-Purchase Equity SaleYou obtain the 203(k) loan in your name as the owner-occupant.After closing, you sell your partner 50% equity in the property via a quitclaim deed or similar legal instrument.Your partnership agreement would outline each person’s roles, responsibilities, and share of profits.Note: Be mindful of FHA’s rules around title changes and ensure this doesn’t violate loan terms.Option 2: Partnership Contribution AgreementYou both contribute to the down payment and renovation costs as outlined in a partnership agreement.Your partner’s contribution could be recognized as a share of the equity in exchange for funding, services, or property management.The partnership agreement would detail how profits, responsibilities, and equity are split.Option 3: Joint Venture AgreementStructure the deal as a joint venture, where you own the property personally (required for the FHA loan), but profits and roles are split per a formal agreement.Your partner could receive equity-like compensation through profit-sharing without being on the title.3.

Quick google search on Texas rules around entering YOUR rental property: "In Texas, landlords are required to give tenants reasonable notice before entering their rental property for an inspection, but the law doesn't specify an exact timeframe. 24-48 hr. notice is generally considered appropriate.

But when applying for a new conventional loan, it still has to be counted. 

•After 3–6 months, apply for tier 2 business credit cards (e.g., Capital One Spark, Chase Ink).

@Celine Li Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?