Lau, generally if you are financing with a commercial lender- we lend for business purpose only and a rental property would fall under that category.

I'm looking to identify a builder with the following characteristics:1) Eager to grow his/her company and reputation in the market2) Has produced at least five high quality builds in Arizona which are at least 4K sq ft  3) Has proven track record of completing builds in a timely manner4) Personal capital to allocate to projects (optional, but ideal)Please reach out to me if you or someone you know might fit these criteria. are you set that you want luxury?

For experienced borrowers I can lend up to 80% LTC and 100% of rehab on 5+ unit apartment deals like this.

I am a land lord but don’t own my residence.What are my options?

Great to hear that you are exploring your investment options and learning about the different options you have.

There are plenty of investment opportunities in the Detroit area as well which have the potential to offer immediate value, so I would weigh your options with care. 

Congrats on having an option. 

Mashvisor – Helps compare long-term vs. short-term rental potential, especially useful if you’re weighing both options. 4.

Once these type investments develop a history, I can see a market similar to peer to peer lending where default rates become standardized and known.  

Options - collect full payment for the 3 months up front and lower the deposit to secure against damages only, require insurance.