Investment Info:Condo private money loan investment.

If you decide on DSCR loan I don't think local is as important.

Buyers could look at a DSCR loan which does take into account the revenue from the rent but it doesn't count towards the value of the property.Now, buyers could look at a business loan of some kind but I am not sure they would qualify if it is only one property and even then, the value is mostly in the property and not the possible revenue. 

Ken, I would prefer to do that, but I wasn't sure if any banks would offer that type of loan or line of credit.

It sounds like the issue is with the Debt Service Coverage Ratio (DSCR), which lenders often use to determine how much they’re willing to loan.

Loan terms seem reasonable.

Quote from @Robby Sanchez: can you refinance at the end of an interest only loan into another interest only loan? 

@Derek Heinz you might be better off finding a major fixer-upper, getting a hard money loan (HML) to acquire it. 

Most people will get the loan in their name first, and then transfer it into the LLC after.

Quote from @Robert Gunn: I would also be very interested in hearing student or JV experiences with Pete and his program.I stumbled upon him by chance and for fun (I've been investing in land for years) signed up for his "free" course, which he promises after he pitches his $499/mo software system (which is basically an overpriced CRM) and then after the first "Level" in the course, you are directed to a pay page to access the rest of the "free" course.