Quote from @Elias Halvorson: You probably can still do an DSCR, with a letter of explanation on the lates if you wanted something now, otherwise you can wait 5-7 months until those lates are no longer in the past 12 months and do a conventional loan  with better terms.  

For example DSCR, no ratio, CPA letter, P&L Statement, average bank deposits, 1% down for primaries? 

I realize that once someone creates a letter of intent they can start on the due diligence phase to learn the financials, physical, and legal but what else can I learn about a property before making an offer? 

Hi all,I have a single family home I purchased in June 2021 for 200k.Aside from cleaning up the yard, painting, and new water heater there have been no improvements.I recently got a letter that my taxes are going up as they believe the property to be worth 225k as of June 2022. 

See attached Invoice.Through this letter, I hereby request proof that I am indeed the party you are asking to pay this alleged debt, and for proof that there is a binding contractual obligation to pay this alleged debt.

What I found when I made contact was that they had already received phone calls or letters from 20 other investors.

In NYC, there's what is called a Letter of No Harassment which must be on record from tenants since often the owner wants to kick out inhabitants to renovate and boost rent and their profit.

The pre qual letter looked like this:PP:225,000LTV:80%Loan Type: DSCR 30 yr fixed 7.12 interest 0 pointsFICO:815

In the handful of cases that I'm aware of, the lenders found out when changes were made to the insurance policies for the properties (the lenders will get notifications by letter of any changes to insurance policies where they have an interest).

So everyone will send the same letter to the same people, they all get turned off and only Andrew profits.