Hi @Andy S. 3x monthly rent for income has worked well. 

How much income do you need, and how much do you want?

Have you also checked on their current residence? 

Ironically, high income earners can make more passive income through tax mitigation than they can through buying high cash flow deals in nearly every situation. 

No personal income or tax returns are required.

I still owe about $140k on the current condo.  

Additionally you can do a cost segregation study and get a lot of depreciation benefits to offset the rental income (and potentially other income).  

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

Hi everyone! I am looking at purchasing a vacation rental in Costa Rica and I have a couple of questions in regards to that.  Firstly, does anyone have an international lender that they would recommend?  Secondly, doe...

If you are looking to pull out equity on your home to start to do some fix&flips(great idea) then it would all depend on how much equity there is in you home and your current income(SSI,retirement etc).