Some say we have to buy the house with them or we paid too little for the property and finally after going back and forth and submitting all our paper work and paying for appraisal they now tell us they didn’t realize that the property had so many bedrooms and they said they do not loan to properties with so many bedrooms.

Property looked great on paper. 2 (3) bedroom units renovated and unoccupied, 2 (3) bedroom units not renovated and occupied by section 8 tenants.

As you probably guessed from the unpaid rent, the tenants did not leave a mail forwarding address that I could serve them court papers at. 

Basically do it in paper before you go down the road.  

I thought the posting said 3 unit but my realtor gave me the paper work on it.

Hi Stacie,As long as we can paper trail the work completed we can do a DSCR Cashout Refinance and tap into that equity once the property is completed!

On paper, that's a 88% return before depreciation (can't depreciate land, but you can do a cost seg on the septic and other improvements), appreciation, etc. 

My rental looks like 6-7% on paper, and after tax it's like 2%. 

Lots of areas that pencil very well on paper but the quality of renter you will get is going to eat into any profit you may think you are getting.

Keep it forward focus, documented on paper, inspect the progress, manage to the Scope of Work and nothing else - and they will know you're running your business.