In couple of two weeks visits, I rehabbed it with the craigslist “proffies” for like 15K, which was not bad at the time.In retrospective, there were two things, which significantly reduced cash flow:the location- as excited first time “investor” I did not pay attention to numerous sump pumps (the house actually sinks in the swamp- not unusual in New England)the property manager- I had one great guy for the first four years (also found in craig).

Debt to ratio is okay and already have 3 renters in apartments and occupied .The question I have is, how common is a letter of explanation with loan process ?

Lately I’ve been on biggerpockets reading a ton and listening to numerous podcasts.. my quest for knowledge never ends.

I've listen to numerous podcast and have a number of the books written by the BP staff.

@Omar Khan Thank you very much for explanation.

If I deny someone (which could be because they didn't meet a certain criteria that was listed, or due to #1 above), can they ask me for an explanation?

However, if you keep these for any length of time (20 years) there will be numerous repairs potentially.  

I have seen numerous Zillow estimates that have dropped 10%-20% after being listed.

@Alyssa ODell I've worked with numerous investors who've purchased from overseas and a lot of them made good investments.

Hired terrible contractors on numerous occasions.