In fact, many formal quotes usually have these details listed within the proposal itself.

There is a solution though because there is Non/QM which offers a few programs like (1) year 1099, Bank Statement, and DSCR programs. 1 year 1099 is self-explanatory, Bank statement uses 12 or 24 months bank statements gross deposits and divides that income usually 75% over 12 or 24 months, and DSCR requires No income or job, it uses the rents of the property as income as long as the rent(s) are equal to or greater than the proposed PITI payment.None of the above Non/QM offer construction loans though so you will need to stay W2 or wait 2 years.

Develop a comprehensive business plan outlining your strategy, target market, and expected returns to present an attractive proposal.5.

I have been lending for 45 years and will not ask for a deposit until after proposed borrower has signed the term sheet and knows all the terms and conditions.  

Sometimes its worth a higher cost, especially if you know the lender will close on their proposed terms.

Hi @Dwight Will and @Amina Sanders. 

if you buy something in a random out of state market where you don't have a team or a network, and use 100% borrowed funds, which is what it sounds like you are proposing, you will lose money.those funds seem like they're free, but they're not. 

As others have pointed out the PM submitted a proposal and you had the option to accept or decline.

I will learn more about reverse mortgages and propose to them.

A lot of DSCR lenders are technically POF lenders as they only qualify on 4 things: 1) valid driver's license 2) FICO score 3) rent is more than the PITI of the proposed property and 4) proof of funds for the down payment and closing costs and reserves.