Caught the flag on the first sentence "given the loan terms verbally" - Pretty much all the "reputable" DSCR Lenders will give out a detailed term sheet / pre-approval letter / LOI (many different names but same thing) outlining terms and approvals early on in the process - the good news is that if you haven't closed yet you can still switch lenders and see if you can secure your original terms - also good news is that the appraisal, while likely ordered by the lender or broker is in your name and your property, so you can likely transfer it to the new lender

@Sam McCormackCongratulations on becoming an investor and securing your first property in Northern Kentucky.

Getting pre-approved gives you a serious edge in securing deals faster.

The partner with good credit secures financing and handles financial management, while the rehab expert oversees renovation and project execution.

Risk Management: Securing enough funding to cover unexpected expenses during the renovation is a challenge.

The information is provided in 'how to get your security deposit back at the end of your lease' language.  

And that gave us a feeling of security that allowed us to take "riskier" bets.

Finding DSCR lenders willing to take a second position can be challenging, as many prefer the security of being in the first lien position.

The state doesn’t have rent control laws, but landlords are prohibited from collecting more than one month’s rent for security deposits.

Every time a guru “education” course was co pleated, I’d receive 10 -20 phone calls from either investor wannabes “building their team” in preparation for all the real estate “great” deals they were going to uncover or the same wannabes who had already identified a “great” deal (they hadn’t submitted let alone secured acceptance of an offer yet) and were lining up their financing which since they were purchasing at 50% of the value they’d end up with not only 100% financing but also walk away from the closing table with cash in their pocket.