If income is tight you can buy your primary home first and use a DSCR loan program secondly to buy an investment rental because DSCR "Does Not" use income or tax returns instead it uses the properties rents to qualify.Best thing to do is talk to the Bank so that we can run the numbers up front so you know Max loan amount for primary.

Often, local lenders will offer additional incentives if the business banking relationship is established.

After the September 11 attack on the world trade towers, they passed a lot of laws aimed at being able to track people, requirements on having identification to open a bank account, and reporting on tax transactions of over $10,000. 

We looked at one through Wells Fargo a few years back, not sure if other banks have the same guidelines.

@Joyce KimHELOC and home equity loan are not the sameEquity line of credit is a line of credit that let’s you withdraw up to specific amount and you can take less and pay interest on what you drawFor example if you had a $50k line of credit you may choose to use $20k of it and it is usually ten years where you can pay it off and draw moreA home equity loan is a second mortgage which is a fixed amount and paid off over a period of timeHELOC is better in my opinion but if you have no income it will be difficult to get approved even with the equity you haveCommon misconception people have is if you have equity you can just take it, that’s not the case the bank also wants to make sure you have the ability to repay it.

Banks do this because they know that with this difference a borrower probably will not get in trouble and default on the loan.This brings us back to small apartments.

Banking an 11% vacancy since there are only 2 doors.

I know some banks require it to be located far away as a vacation home, and to be single family.

So far, our local bank that has financed all these projects has required personal guarantees of all four of the partners.

There is no magical way for him to receive the income either, you can simply just pay it to him from the bank account.