When you can access the opportunities first, you can qualify the lead first, analyse and find the best deals first, reach out and build rapport first , offer your solution first (rather than having your offer thrown on a pile of others the individual has already been given) and so on.

Plus, multifamily properties often qualify for owner-occupied financing options with lower interest rates and down payments.As for timing, here are a few things to consider:Market Conditions: Keep an eye on local market trends.

This being said, I don't believe we'll be able to meet the income requirements to qualify for a conventional.This leads me to believe hard money or private lender is more the only option to get my foot in the door, use my business to make repairs at very good rates, build some equity then refi once the balloon is due. 

As Brittany referenced, you do not need a two year history in order to utilize the income in qualifying, in fact you can use the income with no tax filing in certain cases.

Can you qualify?  

This is part of the impetus to get started now that plus likely qualifying for financing easier with my current income. 

I thank them for their interest and let them know they do not qualify. 

With some additions, this would qualify for the OMG category, but I think they didn't have that category back then when it was on the market.

It does come down to DTI and what you can show versus what you can qualify for in terms of home price.

Higher loan balances we would likely see an opportunity in the future to refinance again due to lower rates so consider a 2-3 year prepayment penalty.Of course if you qualify for Conventional Financing (Fannie/Freddie), there are no prepayment penalties so just calculating out the return of investment timeline on point buy downs.Good luck shopping and let me know if you want to talk further!