I like your idea, and I need to write more letters.

Again, my son @Jason Powell got that first 4 plex right out of college with a letter to start of job, along with his wife's internship at Intel.

If you want a legal opinion letter from an attorney it would cost more.

I sent the upper tenant a 30 days money for keys letter as he said that he cannot afford paying 750$.

Here are the numbers:Purchase price: $130,000Down payment: $32,500 (25%) (conventional)                             $26,000 (20%) (private)Interest Rate: 5% (conventional with principal and interest payments)                         10-12% (private with interest only payments with balloon at 24 months)Appraisal value: $205,000 (this is what it appraised for before any work has been done)                             $280,000 (estimated after reno)Rents: $1,400 (already rents for this before purchase with 2 of 4 units occupied)             $3,000 (once units are renovated for occupancy)Estimated Expenses: $1,300/month (during reno)                                      $1,700/month (after refinance)Estimated Cashflow: $-100/month (during reno while I live in flip)                                     $800-$1,300/month (after refinance, estimates are depending on interest rates and conservative estimate)Let me know if you need more numbers for better clarity.

Securing a 30 year fixed rate vs. a loan with a 5 year balloon is much safer in today’s environment. 

I have already bought a LLC, started sending out yellow letters, putting out bandit signs, cold calling & social media marketing.

They lend based on the project financials.They can provide you with a letter about proof of funds for the specific project.

Digging into the paperwork a bit more we found a hand written break down in the corner of welcome letter that stated a Last Month Rent was paid at signing.

Came across a non collateral loan offer ( work as a physician and got a letter from a firm offering 50 K -200k for personal / professional use).