The best way to protect yourself is to screen applicants thoroughly. 

This falls under section 6.01 of that revenue procedures each year, the most recently applicable would be Rev Proc 2024-23, but the same language has been floating around in this annual Rev Proc for closing in on 10 years - note there are various caveats so this isn't a blanket statement on all changes related to depreciation expense changing in the second year.Before this, the mindset has been that one was required to amend, given except for this language, per the IRS one has only adopted an accounting method if they have used that method for at least 2 years. 

*Property Inspections with photo's and reports*Applications underwriter: screens all applicants to ensure their ability to qualify for the propertyUPM is a Bigger Pockets Partner - I'd love to chat more!

They are application fees, plan review fees, maybe/maybe not impact fees (tens of thousands of dollars paid to the local government so you can develop a raw land), permitting fees, rezoning fees if rezoning is required. 3.)

I just started an application with Bank of America, which is where I do my banking, but damn, they want a complete application with records on all six of my properties, P&L statements, insurance riders, and the whole nine yards. 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Personally we can start before the 6 month date but I have heard multiple customers tell me other lenders have said they cannot start the application until the 6 month date. 

MaryDo you have an application where they state whom to call in the event of an emergency?

The property cannot be valued in the traditional way, which is why I'm seeking a private lender who will value the property in a commercial-style method via the cap rate.Source of down payment funds: Implied equity (refi)Income Source: W2 for both my wife and IGross annual income (between the 2 of us): ~$300kMonthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: Student loans, rent, and what exists for this tiny house.FICO: 725Credit issues: noneThanks for reading this far!

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).