Bank of America does this - not sure about the minimums, but if you have a good relationship with your local branch, they can waive the monthly fees until your balance grows from rental income.

Low income neighborhood, yes, huge returns, not really, but it was all cash; net for me was $10k.

I just received an application from someone who meets the income requirement (3x rent) but not the credit rating requirement.

This structure simplifies management, centralizes ownership, and provides an extra layer of liability protection.Tax-wise, the state where each property is located will still require income tax reporting and LLC fees.

Hi Tyler, The value and the rental income does come into play with a DSCR loan.

While Section 8 appears to promise "guaranteed" income, the reality is quite different.Section 8 typically covers about 80% of the rent with tenants responsible for the remaining 20%.

@Eric Chappell Income Statement is nowhere close to a Balance Sheet.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

They may cost approximately 10% of your rental income per month, but may be worth it when you are residing out of state. 

They’re less restrictive since they don’t rely on personal income or DTI, making them a great fit for BRRRR.