I'm an independent agent here in AR and I write a lot of rental property, with ~6 preferred markets and if the properties have some issues, age, claim history etc.

Hey @Brad Roche - We do a significant amount of renovation loans (both Fannie May & FHA) here in Chicago and prefer the Homestyle loan only because it's less stringent on the borrow about what they have to repair, and they provide the general contractor a material draw at closing which helps the project start on the right foot.I thought the minimum down payment was 5%.

Also, I'd add that any second position debt, preferred equity, or their brother's, sister's or cousins in any shape or form are at #2 on this list, in really any asset class. 

Ps — I think I prefer SFH value add vs Multifamily house hack.

Super nice guy, and a genius.You can also go checkout Divorce Lending Association and find a local CDLP if you'd prefer.

I also prefer to screen the guests and set my own price/stay restrictions.

Additional DetailsI’m willing to invest in out-of-state properties, though I prefer areas with good property management options.My primary focus is passive income, but I’m also interested in value-add opportunities.I want to ensure these investments provide strong tax benefits and diversify my portfolio.I’d love to hear from experienced investors:What would you do in my position?

I prefer it that way too as it aligns your incentives to maximize revenue. 

Keep at it because the way you talk and your analysis preference + being good with people is the key to what you want to do.

There are a few ways you can handle the renovation which all comes to personal preference.