Most lenders will likely not lend to a first timer anyways, and if you can find one, they will typically require more down payment, higher fees and higher interest, all of which will make your flip harder to pencil.Second, your flip WILL go over budget, and likely a good amount.  

If you or any of your clients ever need funding for fixer-upper projects, I’d be happy to help with hard money lending options.

Commercial real estate is in real trouble, banks & commercial lending outfits will not touch mixed use.

I am an investor based in Fairfield County, CT and just rejoined BP after many years away.From 2005-2011, I got up to ~150 units in SF & MF both rehab & new construction, Class B & C, but (regrettably) sold all to focus on institutional real estate and private equity.Since selling off, I got an MS degree in real estate and participated in most asset classes institutionally ($10-250mm+) with a focus on SF & MF.

Each of these markets has its pros and cons, from rising property values to varying regulations on short-term rentals.As for financing, beyond traditional mortgages, you could explore DSCR loans (especially useful for rental properties), private lending, and even seller financing.

That is what banks are going to look at when they lend you money for a mortgage.

To avoid delays, hackers should report income, work with investment-friendly lenders, explore alternative lending solutions.Good luck!

As a CA native I've never purchased out of state and curious how different the lending rules are in MN.  

They’re non-conventional and sound like they would be a great option considering DTIs don’t come into play in addition to lending to foreign nationals.

Some lending programs are more or less (there are various programs) but in general 50% DTI is max.In order to ensure you accurately plan for your future mortgage its good to know up front how these situations would be affected and what borrowing power you will need when the come times to purchase this upcoming "condo."