I can say from having taught classes on these loans that your contractor will be the biggest key to your success.

My advice would be to follow up with Vitaliy and pick his brain as much as he will allow.

I picked up the BRRRR method book and feeling confident in setting it all up (we did a similar process for our Airbnbs).  

I've settled on wanting to do Commercial Real Estate Multifamily 20+ units, Class B, C in Texas or California. 

Because, the lender is entitled to know what risk they are taking with their money.That being said, on seller financing, if someone gets sued and loses, the lien/judgement can be filed at the county, (it's not automatic, someone has to prepare and send the paperwork) which the bureaus will pick it up on producing a credit report.

My frind in Omaha ended up picking up his second property sooner than he expected, simply because he’d built a small name for himself with one successful deal already under his belt.Are you feeling confident about the day-to-day responsibilities, or is there something else in the process that’s keeping you up at night?

What made you pick the Kissimmee area?

@Phillip Austin we've looked into these and it's our opinion they should only be used with Class A tenants, maybe Class B - deifinitely NOT Class C or D tenants.Several companies in this area will no longer allow S8 leases or tenants under 600 credit scores - because of the high number of claims & corresponding claim amounts.

But if you're willing to take a tiny leap of faith, I think the returns are solid, the diligence and the integrity are there, and the states/markets/submarkets and the asset class are thumbs-up.

Pick up the phone or stop by local code enforcement offices to make sure that you have a crystal clear understanding of local laws and regulations.