Typically people making the designation a private lender is someone you know and have a relationship with and will privately lend you the money.

If you ever incur a state income tax in MO, you would typically be able to take that amount paid as a credit against your KS taxes paid, so you won't end up double taxed to both states.

@Jemini LeckieRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

A travel nurse, for example, would typically stay 90 nights on a single contract.

These are typically interest only and require a payment of 1-4 points up front depending on your area and the PML.

Typical PE investor double speak. 

@Ofir R.Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Typically, they will refer to this as the DSCR (Debt Service Coverage Ratio) of the property.

A typical BRRRR in DC creates $200k in equity.