If you qualify, you could close on the loan in days.Home 2 could be an option for a fix-and-flip as well, but you would have to have another residence because these types of loans do not allow owner occupancy.

It was my primary residence for two years before I turned it into an investment property.

You should always talk to a mortgage broker or bank first to find how much you qualify for before starting the investor journey.

Hello all,I have owned my primary residence for 3 years.

Because they know you'll probably never make a claim, or your claim won't qualify. 

You need two years of steady income before you can qualify for a loan.

While you did point out the negative aspects of a deal like this, you didn't really highlight the pros on the RE side and future investment, appreciation etc.I’ve done two of these projects in the past 3 years in SoCal.

Instead, the income from the property is used to qualify you.

These properties can provide cash flow and diversification while qualifying for favorable residential loans.

Investment Info:Single-family residence buy & hold investment.