@Philip Jones we've helped our clients do over a hundred.As some of the lenders posting have pointed out, the challenges are:1) Property value and corresponding loan size2) Appraisals have much better comparables than 5 years ago, but may still be an issue.3) Property condition can be an issue via the appraisal4) Ownership seasoning - most lenders looking for 6+ months or incredible documentation for cost of improvements made.5) Most DSR lenders require professional property management.Always try a small local bank or credit union, but most will expect you to transfer your business bank accounts over to them. 

I completely agree—knowing your target traveler and adjusting your approach accordingly is crucial.

One of my friends was approached and the next thing he new he was turned upside down.

I know that a ton of people will win with the approach you are contemplating taking - in taking a HELOC out for the down payment on an investment property. 

The other thing to keep in mind with self-showing lockboxes is that it's incredibly easy for someone use it as rent scam.

In the future, if you're a landlord, remember that these are your customers and try to approach your business from that perspective. 

Due to high demand, many investors in Austin are finding they need to adjust their approach a bit to make the numbers work.Rehab Budget: Ensure that bids are received from multiple contractors and that adequate reserves are made for cost overruns.

Yes, it may go by the income approach but depending on your area, the comp approach may also be factored in. 

. $5mil, that will be radically different on what opportunities are approachable. 

Magnolia has an incredible restaurant in another part of Waco, they bought a historic hotel that they are currently renovating, they bought an actual castle in the heart of the city that they are currently renovating, they own one of the largest real estate brokerage firms in the city that continues to serve the real estate market, and they themselves own several Magnolia short term rental properties that tourists can rent nightly to have the full Magnolia experience.