Cash offers are often particularly appealing to sellers because they eliminate the uncertainties that come with financing, such as loan approval or appraisal issues.

I’ve often seen this happen where initial approval is given, but debt-to-income issues arise once they discover you’re purchasing another property.

From my research, it seems that the best way is to ensure the end buyer's funds are at title in escrow (with the clear to close) before you approve the release of your funds.

Is it tough to get approval for an ADU in the garage in Toronto?

Hello Tanner, That's great to hear you are already pre approved.

@Sang Kim- thanks for clarifying you are trying to get a commercial loan ...this is a  completely different product than a home loan ...You still should be able to  locate and obtain a good commercial loan  without  having to pay any fees upfront  ( other than possibly paying for the appraisal after the  loan has been  approved )

It will include an approval letter from the IRS.

We feel this encourages/trains good payment behavior:)We have several MoveIn Specials owners can approve like, free TV, Washer or Dryer (used), etc.Our main goal with MoveIn Specials is to stand out from our competition. - Just lowering the rent really doesn't do that.

Based on your numbers, and assuming you have a credit score high enough and have never filed for BK, you shouldn't have an issue getting approved for an HML to buy/rehab the property that I would estimate at about $370k-$375k (which includes 100% of the rehab costs).

See if they will pre approve you for a line of credit.