My questions 2 and 3 are misleading while taking into context the bigger picture which you clarified.I do not know how to track record of a syndicate.

Most lenders are going to want to see a few big things from the ownership group. 1) The borrower will be the enitity (LLC, S-Corp, etc) and any owner with usually 20% or more of ownership in the entity will be expected to guaranty the loan, 2) We'll want to see some experience doing similar projects from at least one of the main owners, 3) We'll want to see bank statements showing liquidity enough to cover the intial cash injection (down payment), the closing cost, and some cash in reserve.

Hi Kevin,I have a couple of rentals in Fredericksburg and I allow pets (charging a pet deposit and monthly pet rent to cover damages and wear and tear).

Down payment on FHA is 3.5% so you’re not wrong there and safe to assume another 2-4% for closing costs BUT you can negotiate seller assist to cover bulk of the fees if not all.

We are in pre-development, and getting a clear picture of these initial soft costs has not been straightforward so I greatly appreciate the information.

You’ll want to make sure the rental income comfortably covers the new mortgage, taxes, insurance, and any maintenance costs.

@Jaycee Greene I’m going to lean on a team I build for that as well as the pictures and the videos I can do majority of the fixing myself if I was there so I kind of know what cost what just have to see prices based on the location.

If the deposit does not cover the charges, then you should consider whether you want to pursue collecting the unpaid balance or write it off.You did the right thing, and the tenant's behavior proves you were right.

However, I do agree that there is a problematic trend of guru's falling in love with "creative" without understanding the big picture.

After we finished construction, we furnished the place as shown in the pictures.