Income from Rentals & Side Revenue Helps Future Pre-Approvals•Lenders will consider the rental income from your first home when calculating your debt-to-income ratio for the next purchase.

I know NY lenders that can do 100% LTV helocs which might give you that extra flexibility.

It may be possible for the homeowner to talk with their lender's workout department and negotiate terms to pay off the arrears, penalties and late fees on a new schedule. 

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Quote from @DR Rearwin: Be aware that if you purchase a property as your principal residence, and later convert it to a rental, the lender may have the option of calling your loan and making you pay it all back immediately, since you have changed the use of the property.I never knew that.

Financing can make a big difference, and local lenders who understand house hacking and multi-family investing can sometimes offer more flexibility than big banks.

•Lender (if financing is part of your plan).Detroit is still one of the few places where BRRRR works well, and cash flow and appreciation are both on the table.

And what happens after the 5, 7 or 10 years depends on the lender but typically it would be a balloon payment.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

While I continue growing my land business, my next focus is investing in Memphis real estate using the BRRRR strategy.I’m here to connect with contractors, lenders, wholesalers, and fellow investors who are active in Memphis.