Thanks in advance, IrisHi Iris,I ended up transferring ownership to the LLC and didn't have any issues.

Beefing up your portfolio holdings  (even if your individual ownership in the deal is modest) is one of the best ways to gain credibility.

If that is all ok then get a very good local realtor to run comps in that area to determine the conservative value of the home once you've completed the renovation work(ARV).

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

From my understanding, as long as you intend on doing a STR when you close, there are no rules against changing your strategy after closing, especially if you find that something else is more profitable.So in our case, the lender determined an STR would bring in ~$3500/month (with all of their conservative factors), but now that we operate it as a huge 3300 sqft Co-Living property, it actually brings in $7000/month.

I am a complete rookie zero experience, zero properties and highly determined to get into multi-family investing.

As others have stated, you have not provided enough information to determine whether this is a good deal or not.

When you build a relationship and use a Banker time and time again they know your file, credit, and can determine what program would be best for the next step or cash out refinance.

For me, the first pass at underwriting is simply about determining if a deal is worth exploring further.In the current market, I’d say 9 out of 10 deals are dead on arrival.

Lease Terms: Determine a monthly rent payment that covers the HELOC repayment (interest and principal) while providing some positive cash flow for you.