Hello all, I have a prospective tenant for a rent by room strategy, we're in initial stages (he hasn't officially filled out the application to verify his credit score) and he is letting me know he filed bankruptcy in 2020, but his credit score should be above 620. 

Credit and Loan Requirements: Traditional lenders usually require strong credit, significant down payments (20-25%), and a proven track record, which can make it harder for newer investors to secure funding.Could Private Lenders Be the Solution?

After three weekends' of showing to about 15-20 groups of people, I decided to rent to a couple relocating back to California (credit it 580, lower than my required 650, but with parents as co-signer, parents have good jobs and own a house, and local in town).

The state’s housing is also ranked as the fourth most affordable in the country.Alabama currently has the second-lowest average property tax rate in the country at 0.4%, which helps investors keep more of the money they earn.

If you operate an STR, gross income is your total rent paid by your guests, before any subtractions.To figure out your taxes, you take this gross income and subtract from it all allowable business expenses: marketing, education, technology, licenses and fees (including Airbnb and credit card fees), office expenses, business driving and so on.

As Erik mentioned, 15% is the lowest.

My credit isn’t the best and I would not qualify for doing so looking to invest in Milwaukee or the Midwest area Would prefer to buy a hold, but would be interested in house flipping. 

Here's a strategy that could work:Escrow Agreement or Seller CreditOne option is to negotiate with the seller to either escrow the funds for the roof replacement or structure the deal so that you fund the roof but receive a seller credit at closing.

Great for realtors who should be calling all of their old leads with the good news of todays Fed rate cut.As rates continue to fall this is the time to ask for "Seller Credits" and think about using that credit towards buying the rate down.

@Jennifer Katherine De Loughy- probably not ....try reaching out to local bank / credit unions  that are close to the property ...try reaching out to any bank connections you have ....you might find a lender that's willing to  cross collateralize  it with your home