Customize Your Lease for Room RentalsEven though you’ve got the BP lease agreement, I’d recommend tailoring it to fit your specific room rental situation.

Talk to 3 brokers in each of those cities and have them sell you on their city. 

I faced a similar problem and ended up creating custom designed Excel spreadsheets that auto-populate with each other.

You can also get a specific STR policy done by some of the bigger ones (State Farm, etc.). by looking into things with an insurance broker that can shop around for you.

If you don't get a rejection, call the agent's supervising broker, if that doesn't help call the State Realtor Association and file a complaint.

Also, the LLC does NOT eliminate any personal liability on the next loan application which is a popular selling point by ill informed DSCR brokers on this board (but they rarely mention the higher financing costs that come with financing in a LLC) IMO, proper insurance coverage is a better choice. 

I would consider buying a duplex, tri or quad as a primary residence and move into one of the units and rent out the others.You could sell your primary and use the capital, or pull the HELOC and use to buy a small multifamily.You can also learn how to flip properties to generate additional income to use to buy properties to hold longer term.You can also consider looking into a job in the real estate industry, such as an analyst, broker, lender ,etc that can get you in the gameAll the bestGino

I'm currently on the hunt to find what STATE in the U.S that has the fastest process to obtain a brokers license but also can offer reciprocity agreements to multiple states.

My Realtor mentioned there is a Broker compensation ($695).

Hello All,Does anyone have a couple of good brokers or direct lending contacts that specialize in commercial loans (multi unit 5 or more) on the North side of Chicago?