But I draw the line when there is risk of damage to the property, annoyance to the neighbors, health concerns, pests, etc.

If you do 203k loan (FHA renovation loan), you can wrap the reno into the loan, but it is a bit complicated on the back end with the draws to the contactor.You are using a lot of book words that may not go together in real life so you want to start going to meetups in Des Moines and meeting other investors so you can see what they have done.

You could do a fix and flip loan where depending on the property you could qualify for up to 90% LTV for the purchase and 100% for the rehab (this is done on draws).

What this means is that the rehab funds will be held in escrow and you will need to request draws once work has been completed. 

I was also approved for the FSA loan at 1.5% :)Now I am working with a planning and engineering firm to create the concept plans and stamped drawings for the full subdivision.

We use a YTDpaystub and last year’s W-2(s) to calculate income several different ways:Hourly or salary income calculated to a monthly amountYTD income divided by number of YTD monthsYTD + W-2(s) income divided by the corresponding number of monthsIf these numbers vary too much, then we investigate and require an acceptable Letter of Explanation.Employment StabilityUnless an applicant has exceptional credit, we strive to determine their stability of employment to make surethey’ll always be able to pay the rent on time.

Yesterday he mentioned that he knows someone who can draw up a contract.

These units also draw a younger crowd who probably just stream anyways. 

However, ownership distribution must be clearly outlined based on each party’s financial contribution, and income and expenses must be divided accordingly.You might look into forming an LLC or limited partnership to pool funds, which can streamline asset management.

To us, the draw is the resort and their water park.