As we speak we are helping another BiggerPockets investor with their first Section 8 in Detroit.

It was a big project in terms of the amount of work it needed, I just ran out of time with my lender going through the garbage with the contractor, finding a new one, and finishing taking the longest. other than that I would've let it sit on the market to get closer to what I actually wanted for the property.

You also have to check out your current lenders MAX CLTV rules because it may cause issues with the first DSCR lenders original note/agreement.There are some lenders that have CLTV rules or will not allow a 2nd lien if it does not confirm with their Max CLTV similar to a 'Due on sale" clause.

This would be a waste of everyone's time and money.

When it’s time to renew we probably won’t because of this exact scenario.

Suggest you get your game plan in place first then go forward once you have the goal in sight.

@Agnes Shin I would be careful of this as i know when i was using go high level i forgot to add my opt out into the first message.

If it was 20 years ago and they had the same name, its gonna be an uphill battle to go back now after someone has been paying taxes on a property and probably upgraded it during that time.

This time though I will be ahead of the curve in terms of not having to borrow from the bank.  

Hi Aidan, when you first started you can create your partnership agreement per deal depending on what your end goal is for the property.