If a bank does this, they have no flexibility in their lending and must meet Fannie Mae's and Freddie Mac's requirements in each loan.

I do require full screening for the incoming tenant, and updated income screening for the full group of tenants.

Private funding from a relative may provide flexible terms and reduced financial risk, but formal agreements are necessary, and interest paid is deductible for you but taxable for them.Traditional investment property loans offer stability and tax benefits like deductible interest and property taxes but require larger down payments.

The city required the road to be extended a few feet, along with water and sewer.

In rural Ohio ponds are required every so many feet when fire hydrants aren't available.Luckily in MN we have those by nature.

I don't know what his minimum liquidity requirements are to join.

The servicers have to send notices 15 days prior to the transfer, but the new servicer is required by law to honor any payments made to the old servicer for 60 days.

It may require more work, more analysis and more time, but if you can find one great passive investment, I bet you can find 5 or 10.  

There is no license requirement for contractors in Texas.

@Jennifer Fernéz I run sum numbers for you with our tool, see comments and pics below before refinancing and post refinancing .Financial Breakdown: Purchase Price: $200,000 Mortgage (LTV 80%): $160,000 Interest Rate: 6% (30-Year Amortization) Mortgage Monthly Payment: $959Upfront Costs: Down Payment (20%): $40,000 Closing Costs (3.5%): $7,000 Renovation Costs: $15,000 1 Month of Carrying Costs During Renovation: $1,548Total Upfront Required: $63,548Year One Rent: Monthly Rent Income: $2,000 1 Month Rent Losses during renovations (-$2,000): -$167/month distributed over 12 months Total Rent Income: $22,000 per year => $ 1,833 per monthMonthly Expenses: Mortgage Payment: $959 Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $275 per month Assuming 5% Vacancy: $92 Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $1,676Monthly Net Cash Flow: $157Post-Renovation Refinancing Strategy after 12 months:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate a portion of your initial investment into a mortgage.