Check out the state of Illinois website. 

My client bought a 22 unit building and used this strategy and walked out of closing with a check for $800k to perform the rest of the renovations, paid himself back his already expended rehab costs and his entire down payment.  

@Colleen A Levitt check if you have a prepay penalty and what the seasoning requirements would be for the new loan to recognize the new value.

If I was the buyer's broker, I would have checked myself to protect my client.If they had, then they would have found out it was not a three family.

I can see why you want to invest out of state if that is your budget. 

If they are adjusting the amount they can lend because the margins are too thin or telling you the deal metrics are not checking out it is likely due to the expected earnings not being sufficient. 

A hole or two (check how many you need.) and some plastic pipe?

Feel free to reach out for more details.

You don't even check for these types of Tenants!!!"

Leasing is a specialized skill—PMs deal with this daily, making them far better equipped to handle applications, verify income, conduct background checks, and evaluate a tenant’s overall suitability.Protecting Your Investment:The cost of a bad tenant can be far greater than the cost of hiring a professional.