if you need $200K for a project, no one is going to loan you $200K - you need a down payment, holding costs, and you need to know what you're doing or you'll just turn that $200K into $150K.good luck

No problem with down payment but will need conventional load which is not a problem as I have been pre approved many times just did not find right property.

The down payment wouldn't be minimal if your finances were tight.

Its important to know what the max rents will be so that you can cover your mortgage payment and hopefully also cash flow every month.

Run the numbers as if you leased the property from him at 10% x the value of the home( not including 1,000 acres) in lease payments @60% occupancy.

We have $400K into the property between Down Payment and Renovation.

If you use different sources it will be difficult to calibrate the different scores, but think of it as a percentage of the max available score.This particular score seems to be based on an applicant's credit history, including payment history, credit utilization, and credit availability. 

There are tons of loans out there that use just the projected or actual income from a property vs the payment of the property (DSCR loans). 

THE NUMBERS: With a purchase price of $7M, my Investors and I put down $2.7M as the down payment on the property.

Box solely for the purpose of collecting rent but I do suggest having one and if nothing else works use it for rent collections but I would Electronic payments or bank deposits before doing mail.