It was an old house and it was costly to keep it to the standards for Sec. 8.

Hey Naveen, unwarrantable condos are pretty standard non-QM. 

Because of this, I don't hold them to the same standard as normal applicants. 

The private investors form an LLC and get standard loan terms in a promissory note without equity or profit sharing. 

It is pretty standard for loan documents to be 100's of pages, so you'll get the hang of it once you find a good/credible lender and gain experience.

Ours is standard 10 days after settlement date unless noted otherwise.

(You’re protecting equity/your net worth, if you don’t have anything you don’t need an umbrella.)I used USLI for a long time but they changed their standards a couple years ago and wouldn’t offer more than $1-2m if any property had a pool.

I do not want to set a standard that rent will remain the same forever if this ends up being a tenant that stays for years.

Be honest and follow the correct steps and you won't have any problems, unless the UW simply doesn't like it.Overall, the process is pretty standard, but if you don't follow the rules, you will have a heck of a time getting the conventional financing.Cheers!

I dont think these things are hard and fast.. to me look at whats left after the rent is paid is it enough to really live on.So if rent is 5k a month for instance that means tenant needs 15k a month in income pretty standard .. well that tenant now has 10k a month to live on.. most people can make due on that.so if this tenant came to me and only made 10k a month  2X the rent I know they have another 5k a month to live on so sure that works.where this is important is in lower income low rent areas were rent is say 800 a month and 3X is 2400 minus rent leaves 1600 a month for EVERY thing else can you live on 1600 a month ???