We got a $50,000 deficiency against the borrower and secured it to their primary residence in 2nd position which had around $150k equity.

We're considering using an FHA loan, but due to his credit score, we haven't started the preapproval process yet.What steps would you recommend we take to secure funding for our first investment?

Rates, on average, are currently in the 6’s, so refinancing your DSCR loan might be a great option for securing a lower rate.

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.

I copied this from the Chicago RTLO which is attached to the CAR lease:-Before a landlord can deduct expenses for damages from the security deposit, the landlord must provide the tenant with an itemized statement of the damages within 30 days of the date the tenant vacates the dwelling unit.

And it stands a "opportunity" of Pyramiding gains via 1031 into securing 3 similar units in market.     

We rented to them as they had cash from selling their home and paid us first, last, and security plus 3 months of rent extra.  

Then you have the full amount available to you, ONLY IF YOU NEED IT.3) Secure funding for the property using someone else's money. 

Most glaring issues to me are:- DWV pipe leak- Some outlets aren't grounded in both unitsWhat are things you've seen in the past that were real causes for concern/concessions in closing the deal?

However, you will need to pay the additional cost of securing a new mortgage.This is based on:* I added $600 to ARM to cover its additional expense (increases monthly payment to $5,104)* No prepayment, except all paid off at end of year 5 for both loansThese are the monthly movements, I hid a lot of rows for simplicity