Financing provided through this program is only available for properties located in Michigan or Florida.Available Product Type: SOFR 7/6 ARM, SOFR 10/6 ARMLoan Amount: $766,550 MaximumLTV: Purchase and No Cash Out Refinance - Maximum 99%Prepayment Penalty: NoneLoan Assumption: NoneEligible Properties: 1-unit dwellings, attached and detached condominiums, PUDsEscrow: An escrow account must be established for property taxes, and flood insurance, if requiredUnderwritingNo Private Mortgage InsuranceOccupancy – Primary residencesMinimum Credit Score - 700DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)Student Loans – If in deferment, no qualifying payment requiredDown payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift fundsAttached condominiums require a 10% down paymentEligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.Servicing: Retained

Hey @Monish Anand - Long distance real estate investing can for sure be challenging, but also forces you to dial in your systems or fail!

Fix the property up to force equity, rent, and refinance with a 30Y loan.

It can sometimes happen even shortly after buying a unit - life forces change sometimes.

If forced to cure - and it will be a condition of remedy - the tenant can take action against you for damages from leasing an illegal property. 

ARM (America's Rental Manager) has had all three of my Birmingham properties for about a year.

I'm fine with the money down and shorter term but the higher rates and the ARM I am not a fan of in general.  

I don't see how you can force the other tenant to pay half for the service call. 

This gives you a more accurate view of the property's true cash flow and performance without relying on a large down payment to "force" good numbers.This is exactly what we do — help investors like you evaluate deals to ensure responsible purchases that lead to portfolio growth.

So even if its not earth shattering new tips I learn, the structure of the program, clarity of best practices and a timeline forcing me to implement these strategies, to likely be worth the money.