Of course no one TODAY knows this.. they just look at 30 to 40k lots 250 to 400k houses and dont really compute the staggering amount of lots available or history of the market going back decades..

Hi Joshua, the amount of down payment also changes with the cost of the property, so starting with a less expensive property may be smart (for multiple reasons).

Regarding BRRRing OOS - it can be very dangerous:(Too many newbies take contractors and agents at their word, when "trust, but verify" is extremely important.Given you're in Chicago, would recommend you plan 2 trips for a BRRRR:1) Initial walk-thru with contractor(s), which you should video for documentation & accountability.2) Final walk-thru BEFORE paying out final amounts to contractor(s). 

this is similar to the way I've been approaching it so far. i have a google sheets list of multiple contractors in my area. when i did my own walk through i would be very cautious with big ticket items. but my problem is i may be too over cautious and over estimate the rehab amount so i dont buy a deal and end up losing on it. then with my overestimated rehab costs, i submit an offer thats too low and it gets rejected. im in a tough spot but the more i do, the more i will learn

The agencies have minimum borrower loan guarantor financial strength requirements (IE - liquid assets => 9 months P&I; net worth >=100% loan amount; FICO >680).

I have been trying to keep an open mind while but I see a good amount of value in long-term rentals of SFH and multi family units.

If he owes a decent amount on the property, wouldnt the conventional route make him lose whatever interest rate he has?

Any example KPIs and bonus amounts?

If you know that something major will need replacement in the future, increase the monthly amount you are depositing into your reserve fund.

Hi Chris, if I understand the transaction it sounds like you will receive a 1099-S for the full amount.