From what I've heard, local banks are sometimes more flexible than the big guys.A buddy of mine managed to snag a HELOC on his rental property, which isn't always straightforward, but it opened doors for him.

Oh man- welcome to self management.

Looking to connect with any investors, realtors, property managers, contractors etc from Fort Wayne :) Feel free to comment or DM!

A small multifamily property is a smart choice for a first investment—it offers a great balance of income potential and manageable scale for someone new to the space.Don’t worry about being ambitious; it’s clear you’ve done your homework, and you’re already ahead of the game by setting a clear goal.

Do you have a property management company you use? 

I've asked my clients a similar question and have developed tools for them to minimize this, but I find there are a few different types of clients.Manager managed - these folks have no issues as they simply upload their year end statement from their property manager, their 1098 mortgage statement and any other one-off expenses they may have paid for outside of the management company. 

Even if a title company were to manage the setup making sure all parties are paid, the cheap debt and cash flow would not be enough to be enticing to any investor even if midterm rental could yield a healthy return. 

Good to see a fresh face around.. how much research have you done on property management?

I recommend doing a deep dive in the STR rabbit hole and seeing if not just the numbers make sense, but also the time it will take up for you or your STR manager.

I'm a broker and property manager.