He made his own mom get a loan?   

I want to do a bank statement loan(I'm an independent contractor)with just me on the new loan in Texas .

The itemized damage estimate that my insurance provided me lists an Actual Cash Value that is 15% higher than my Dwelling A Coverage. 

@Jordyn Ohs pay off/down your Heloc aggressively and/or look into DSCR loans for future acquisitions.

If is 65% and below LTV you won't need to provide reserves. 1.

To make it simple…the investor is trying to buy your property Sub2 and needs you to refinance it into a long-term loan First.The investor does not have to ask the bank’s permission.

You don't want to get stuck with negative cash-flow because you can't find another care facility tenant to rent it.Also, probably want to check with your insurance provider and see if all those tenants who are likely to fall and break a hip are going to be an issue for them, and look into the legality of what happens in the care facility owner dies and you're stuck with 5-8 tenants in the home with no one to care for them and no living descendants.

This would be in central Jersey which is still a hot market as a result of record low inventory.I am planning to do this strategy since I want to put low money down (10%) on a construction loan and achieve a quick build to lower my holding fees. 

Difficulty in getting a second loan?

Required good credit, adequate reserves, full doc commercial loan with a personal guarantee.