Most hard money lenders require 10-20% down payment of the purchase price or total project cost.Holding Costs During Rehab: Yes, you'll need to cover carrying costs, including hard money interest, utilities, taxes, and insurance.

Have you considered tapping into your existing rental equity for the down payment?

Don't change jobs or income yet.Once you do and you think you can manage the payments based on your new income, maybe once you get the rooms rented.Then if you want to switch there are plenty of opportunities. 

A $400-500K mortgage is not a trivial payment plus property taxes on top of running your own house. 

Let your criteria do the filtering for you.Regarding retention and renewals, the only time I have asked people to leave is when they have had rent payment issues and/or damaged the property. 

Overcoming Common Financing HurdlesMortgage brokers excel at tackling challenges that often derail new investors:Low Down Payments: Brokers can find lenders offering low or no-down-payment loans, ideal for new investors with limited capital.Complex Income Streams: If you’re self-employed or have variable income, brokers can identify lenders that accept alternative documentation.Competitive Rates: Brokers have the leverage to negotiate better rates and fees, saving you thousands over the life of your loan.Pro Tip: Communicate your investment goals clearly with your broker so they can tailor their search to your needs, whether it’s a short-term fix-and-flip loan or a long-term rental property mortgage.3.

I did my research and requote what would benefit both me and the investor, below is the Finalized CORRECT format of the proposal:Listed price on the property: 459,900MAXIMUM amout of money down on the property: $380,000Method of Payment: CASH OFFER from Investor.

Mortgage payment is approx $1800.

Do they require payment on site or do they give you a certain number of days to close the transaction?

It can take 2-3 months before payments get approved.