The bigger thing is understanding that pre-approvals give you a ballpark, but your actual rate gets locked only when you have a signed contract.

Tenants lease expired, so I offered a new lease with a $25 increase. 

They offer free pre-qualification on their website where you can enter your data points to see available terms and rates.

An interesting option that they can offer is interest only payments for 3-10 years.

Enter me.Being terribly deranged in a nice way, and eternally optimistic, I make an offer.

Alternatively, DSCR loans offer long-term financing with lower rates, but they come with more complex requirements.

I am considering getting into this space (looking at some courses), but worried that its too late, and that deep local market knowledge/understanding of buyers/connection with developers etc is required to make this work, which only incumbent/long term investors will have and would be hard for a new entrant starting from scratch to catch-up...is my hypothesis valid in your opinion ?

Hello AllI have a opportunity to purchase a 3 unit rental property. how should I structure the offer and what should be required in it.Does the seller provide a fee and clear Title with Title insurance, should the seller be required to evict the tenants before I purchase, what verifications or contingencies should i include. etc......ThanksJeff

This will give you clarity on the numbers and help you determine how to structure an offer that works for both sides.

I have a window into the PRE REOs coming to me, and lately, that list is getting LONG.