DSCR is an investment loan 

Private lenders or even creating a small syndicate with a group of investors might also be worth exploring, especially since you can point to your uncle’s track record and your own experience managing rentals as a selling point.If timing is tight, you could look into a bridge loan to secure the property while figuring out a more permanent solution.

I liked the tenant, school is starting back etc, I told them they could pay first month and security deposit and I would let them have the rest of August for free.

Investment Info:

Large multi-family (5+ units) buy & hold investment in West Allis.

Purchase price: $294,500

Cash invested: $144,000

This was my first commercial MF and off market deal. My agent ...

Quote from @Jaša Rot: Hello Marshall,thank you for your reply.my idea was to sign a trust deed and promissory note with the borrower so that the loan is secured by collateral.

Yes, you bought what seems like a good deal on paper, but in reality, you own an old apartment building in a neighborhood with poor security, possibly surrounded by long-vacant shops, streets piled with garbage, and a poorly managed community.

Sellers may struggle to mentally shift from "owner" to "tenant," which can create challenges with boundaries and property care.Security Deposit:If you’re doing a temporary leaseback, be sure to collect a substantial security deposit to cover potential damages and ensure they vacate on time.

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

Just bc he says he will fix wiring is seperate from your loan denial letter.

PM's will keep all late fees, they hold the security deposits so they collect all the interest on security deposits.