I do not have a traditional W2 job so I can't pursue the typical conventional loan or a FHA since I don't have income (hence the DSCR route).However, I've seen that most DSCR lenders do not lend if the loan amount is less than $100K.

It’s great that you’re pre-approved, but I’m curious why you’re leaning toward traditional lending instead of hard money, especially for a flip?

If you need help with landlord laws, house backing strategies, or traditional MTR investing specific to New Jersey happy to help.

We aren't the traditional flippers who run in, throw up a lick of paint, hide the disastrous side of things and essentially trick people into buying a lemon.

Hey @Brandon Toron,Given your plan to turn the property into a short-term rental (STR), you have a few creative ways to push closer to that 90% cash-out goal, even if traditional lenders shy away from it:1. 

Without going into too much detail, my current situation stems from selling a previous company via partial owner financing, only for the new owner to default on the purchase, leaving me in this position.For traditional financing, I understand I’ll need at least one, if not two, years of solid credit history, tax filings, and other financial documentation.

There are not traditional DSCR lenders that would do that.

Our issue is income on papers too low to qualify for the an FHA or traditional loan.

I used Roofstock to sell one of my rental properties in TX as their sales commission is lower than going through traditional sales channels. 

There are still a few that will give you a loan but the traditional 90% of purchase price and 100% of rehab might not be possible without an exception.