My understanding is that we'd pay $1,000 for a rent appraisal which would have to come in with a ratio of at least 1.0 (i.e. at least as much rent as PITI) for the loan to be approved.My concern is that 730sf is basement, and only 300sf of that is fully finished. the rest is just walls.

I also happen to be employed by my partner, I do lots of work for his property maintenance and renovations.My major concern is when I have a not so large income how can I grow outside of purchasing a property which is not very feasible at the moment.

What the official sale date according to the state might be is an interesting factoid, but it is just one of the facts and circumstances considered for "acquisition date" for IRS purposes - Benefits and Burdens is the test they are concerned about.

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Mortgage, Taxes, Insurance, HOA: $3040.37Estimated rent: $2475Total Expenses: $3660.12Vacancy (5%): $123.75Repairs (5%): $123.75Capital Expenditures: $100Property Management (11%): $272.25Information when I bought the house in 2022, new constructions Purchase Price: $373000Purchase Closing costs: $4662Current home value: 400k-420kCash Flow: $2475-$3660.12= -$1185.12; -$71107.2 at 5 yearsCash on Cash Return on Investment (CoCROI): 0%Appretiation per year (6%); $535,290.23 at 5 yearsEquity: Loan value $345,089.53 at 5 years; $190,200.47 in equity at 5 yearsLoan Value today 6/2024: $368,201.59Total ROI in 5 years= (Total profit/Total Invested capital)/ Time (in years); Total profit: $190,200.47Total Invested: $71107.2 (neg cash flow) + $42757 (closing sale costs)= $113,864.20Total ROI (5 years)= ROI 67%, annualized ROI 10.8%My biggest concern is that I am relying solely on appreciation and assuming will appreciate at 6% per year. 

But, ultimately it basically boils down to retaining cash/liquidity in the event that you desire to make additional investments (or, as it seems your concerns may be hinting to, in case you need it for something else).

Some states have specific rules for buying, selling, or servicing mortgage notes that you must adhere to, even if you are out-of-state.3.Federal Regulations: While state regulations are the primary concern, be aware of any federal regulations that may apply, particularly if you are dealing with notes related to federally insured mortgages.4.

For all that work, it seems even less likely to be able to compare bids from different lenders ... if you can find two lenders that you can get competing bids from (on the same loan product), then you've hit the jackpot as far as I'm concerned.

Overall, it's not a huge concern in Columbus.

SO I have a property of interest, but having a lot of kickback / disinterest due to fire damage specifically. I have many GC's who have placed bids on conducting a full rehab / even new build, and the area is in a gre...