Thanks allIf it was for a fix and flip I would say do it but for a BRRR it would depend on whether you think you are adding that much value - as whether you are borrowing from a LOC or getting a loan for a new purchase - you are still borrowing money.

Sounds like a good pay day, well done Heath!

You get to enjoy the FHA loan.

The numbers worked with a conventional loan, as a long term rental.

Quote from @Sonja Revells: Quote from @Jacob Sherman: What type of loan programs are you in the market for ?  

Depending on what type of relationship you have with your lender you can have them disapprove the loan to protect your EMD. 3.

A HELOC or loan on your primary could provide funding, but that is typically not designed for longer term funding - i.e. a down payment on a multifamily....

Consider FHA loans, conventional loans, and alternative financing options.

I'm no expert, but I know several people who have had loans called due on sub to deals because of the way they structured their insuance policy.

You will need two years of your 1099 documented income to qualify for a loan as a 1099 employee, both years of taxes complete for them to formally pre-approve you most likely.You need to bank as much money as possible.