It felt like a no-brainer for the value of the land, but being able to utilize a traditional mortgage because there was a clean yet simple 3 bed 2 bath house on the lot made the deal even sweeter!

Most of the guys I know of that are really doing a lot of work outside of traditional routes are so busy they don't have time to come around here and toot their horns. 

If the plan is to live in the property, a traditional hard money bridge loan will not work.

It's not a traditional bank underwriting approach.

Underwriting will assess the performance and appraisal of the property based on traditional long-term rental comps.

We’re one of the few property managers that require W-2’s and a bank statement and we go way beyond the traditional, “income must = 3x rent” qualifier.Below is more information about what our Applications Department does to screen applicants and find the best tenants possible for your property.Required InfoWe require the following from each applicant over the age of 18, that is not a dependent of another applicant (as evidenced on a tax return):Copy of acceptable state picture IDRecent YTD paystubRecent W-2Recent Bank Statement, all pages, no info blacked outRecent tax return if self-employedApplicants are often slow about turning this information in, asking us why we need it and then taking several days to submit.

Just be mindful the reverse exchanges tend to be more expensive than a traditional 1031 exchange.

Once you do this conversion it will be difficult to change it back to a traditional long-term rental. 

It's not like people won't know that the property isn't in a flood zone; if they finance it through traditional financing then the lender would most likely require that they carry flood insurance. 

It's an investment into the property, and if/when they move out or even if they're there you can now add a traditional dryer to the property and collect additional rent.