Just ensure the cost data sources are very clearly documented.

This deal was sourced through our network and direct-to-seller outreach.

So, we obtain a full credit report and review collections, chargeoffs, age of credit accounts, active accounts, etc. to build an overall credit evaluation.FICO ScorePct of PopulationDefault Probability800 or more13.00%1.00%750-79927.00%1.00%700-74918.00%4.40%650-69915.00%8.90%600-64912.00%15.80%550-5998.00%22.50%500-5495.00%28.40%Less than 4992.00%41.00%Source: Fair Isaac CompanyWe also obtain data from national databases about evictions, convictions, and sex-offender histories.

If you’re sourcing one on your own, ask about their marketing strategy, tenant screening process, eviction procedures, and communication style.

While many investors rely on the MLS or wholesalers, these sources can become unreliable as the competition intensifies.

I also have connections where I source wholesale deals and pocket listings. 

See the chart from Fair Isaac Company (FICO) below: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyAccording to this chart, investors should use corresponding vacancy+tenant-nonperformance factors of approximately 5% for Class A rentals, 10% for Class B and 20% for Class C.To address Class C payment challenges, many industry "experts" are now selling programs to newbie investors about how Section 8 tenants are the cure.

Awesome to see a new investor-minded person here.. do you have a favorite real estate success story already?

Before sourcing the loan I would  speak with a contractor on getting a complete scope of work done and pricing.

Would greatly appreciate advise on how to start sourcing the land and/or connect me to land brokers who can help.Thank you in advance!