Without going into too much detail, my current situation stems from selling a previous company via partial owner financing, only for the new owner to default on the purchase, leaving me in this position.For traditional financing, I understand I’ll need at least one, if not two, years of solid credit history, tax filings, and other financial documentation.

@Don MillerThanks for sharing the details of your project! 

Here's a bit more in detail about how rates are calculated for DSCR loans:1.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

Speak to a Realtor or Appraiser: Get a more detailed estimate of what the property could sell for with and without renovations, as well as its potential value after adding an ADU.

Every adult must be screened and approved, period.Here's a detailed guide on how to screen applicants: Application Screening Guide

Can you give us some numbers/details on the properties?

Design happens to be one of my passions, and I’d love to help you brainstorm ideas or suggest some cost-effective design solutions that could work for your project.If you’d like, feel free to share some details about the style you’re aiming for or any preferences you have.

I missed one particular detail from what Scott was discussing.