At closing, the buyer and their lender determine whether the credit will reduce down payment, closing costs, or as a credit.5.

Actual money that comes from an actual lender.

@Robert EllisAre you leveraging construction-to-permanent loans or private funding?

The two most common exemptions are the exemption for intrastate offerings and the exemption for private placements.  

Unless you're working with Private Money that is going to carry the risk of your lack of experience, banks want to see experience, Net Worth and liquidity after close to consider the terms.I started with single family, four plexes, and remodel flips for a lot of years before getting into larger deals. 

It sounds like the issue is with the Debt Service Coverage Ratio (DSCR), which lenders often use to determine how much they’re willing to loan.

Collection agencies cannot report to credit bureau if the  landlord is a private landlord.

While they did try to get the lender to work with them, they don't want to replace the management company because they are part of the GP.

Quote from @Virginia VanOeveren: To start as a private money lender, educate yourself on real estate investing and lending practices, define clear loan criteria, and conduct thorough due diligence on borrowers and properties.

What I was referring to was that I know two private lenders who have the borrower complete the Deed in Lieu documents at the Closing of the initial loan and then hold them in escrow during the life of the loan.