If possible I'd even request it be documented on the invoice.

A Borrower with an existing FHA-insured Mortgage on their own Principal Residence may qualify as a non-occupying co-Borrower on other FHA-insured Mortgages.Rental Income from other real estate holdings may be considered Effective Income if the documentation requirements listed below are met.

Make sure to have clear documentation of regular, on time rent payments and the agreement clearly laid out.

Unfortunately this is not as apparent and may require speaking with past borrowers but I would go with the lender with a streamlined and rationale draw process even if the underwriting/ origination process requires more of my time & completing/ turning over additional documentation.

The City of San Jose has on their website that new addresses are required but separate meters are optional (link below).https://snapadu.com/blog/electric-panels-upgrades-power-sources-adu/https://cao-94612.s3.amazonaws.com/documents/City-of-Oakland.PGE-Joint-Information-Bulletin-METERS-FINAL.pdfhttps://www.sanjoseca.gov/business/development-services-permit-center/accessory-dwelling-units-adus/adu-faqs

They should have the policy documents from many of the new home loans they have done.

Hey Horacio, if you are shopping terms, most DSCR lenders will not pull credit until you submit a full application.

Once you have that letter you can use an LLC formation document template to create the LLC and register it with the corporations division of your state or jurisdiction.  

Our counterparty has an attorney, who I believe would draft up the promissory note and personal guarantee documentation.

She seems like she may be in it for the long run, though, so keep documenting everything you can.