Populated areas.In my original post I provided a link on how to find good lenders. 

Credit line is 80% of my equity, no origination costs. $50 annual fee waived first year.

Purchase price: $310,000 Cash invested: $350,000 This was a full rehab 6 unit multifamily building.Our firm did everything from locating and acquiring the project, to managing construction, and then finished up by leasing out all 6 units for a premium rent.We used a construction loan to secure the property and do the rehab. 12 month term which we were able to do construction and lease out all units before taking out the original loan with a permanent commercial loan.

And you must not forget that WHEN (not if) there are bumps in the road the monthly distributions will be put on hold, you may be told to have to invest more (a "capital call"), or you may lose some or all of the principal originally invested.Spark's self-reported record is "two dozen or so" investments, 2 of those have had their distributions paused and one of the two had a capital call.

I read their terms and understood the costs before signing, I will still be pocketing a few hundred for cap-x costs.I also should have provided more context in my original post, I am moving out of the state where this rental will be. 

Yes, I am dually licensed to originate loans 

As you mentioned, you can depreciate the improvement value over 27.5 years for residential property.So, to calculate the depreciation recapture after 5 years, you can use the following formula:Depreciation Recapture = (Original Improvement Value / Useful Life) x Accumulated Depreciation x Time HeldIn your example, it would be:Depreciation Recapture = ($200,000 / 27.5) x (5 years) = $36,364.36So, after 5 years, your accumulated depreciation is approximately $36,364.36.Now, when you sell the house for $400,000, the profit you'll have to consider for tax purposes would be:Profit = Selling Price - Adjusted BasisThe adjusted basis is the original purchase price minus the accumulated depreciation.

=)hahaha, originally it is about unemployment.

Originally posted by @Garrett Brunell:A recent pregnant women applied to rent a townhome of mine for a year lease.

When it comes to obtaining a primary - I'd have a conversation with a mortgage broker that is TRULY investor focused when it comes to originating conventional loans.