Purchase price: $240,000 Cash invested: $60,000 I purchased this duplex in distressed condition using owner financing for $240K and secured a $60K hard money loan for renovations.

I got a PA for 300k/FHA loan. 720+ credit score, 75k cash, and good income.

Hi Ricky, Have you tried looking at a DSCR loan?

Any other questions about my situation let me know.

I m facing same situation .would love to hear your updates!

Covering the mortgage isn’t an issue, but I’m considering factors like: Multi-Family: House hacking would help offset costs right away, but I’d likely need to put money into renovations upfront.Single-Family: Easier move-in with no immediate renovations needed, plus potentially lower tenant turnover once I rent it out For those who have been in a similar situation, what did you choose and why?

Consult with a legal professional for guidance specific to your situation.

Then any rental income you could obtain from that property could be used as an income source for loan pre-qualification.

And which of those is most beneficial given my situation?" 

Understand what you are investing in....is it a secured loan, unsecured loan, membership interest in an entity that deploys capital like a feeder fund or direct membership interest in an entity that is the deed holder?