Hey @Jaycee Greene, we typically get loans from smaller local banks.

Then, both needed about $5,000-$10,000 each in repairs and cleanup.Even with low rents in those areas, renters struggle to pay $995/month on one property and $1,095/month on another.

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

I’m planning to relist the house around April when the market typically picks up.

Trying to save $$ so I can prepare emergency funds in case of any major repairs etc .

Lock-out, should they continue to not come even, would be typically less than 14-days.Unless the tenant comes even with the rent (which would result in dismissal of the non-payment of the case), there is generally limited defense to this process.

House hacking locally is typically going to be the least risky way to get started, even if it is more expensive of a property.

I get a lot of applications from out-of-area people, typically moving from another state.

Quote from @Michael Challenger: I have no qualms with hard money lending, but I need to learn more about the process and structure to these for typical deals so that I am more comfortable and in a position to reduce my personal risk and risk to investors as much as possible.

This method typically provides an accurate, data-driven view before deciding to move forward with a property.