Monthly expenses will include mortgage payments, property taxes, insurance, utilities (if applicable), maintenance, and reserves for repairs.You’ll need at least 3.5% for an FHA loan or 20% for a conventional loan, plus cash reserves.

With that kind of sentiment from the city, the application to build a 6.9 million square foot expansion of the Hoffman Town Center, which is what the lots are all currently zoned for, is highly likely to be approved by the end of the year, possibly pushed to 7.6 million square feet, and will be completed over the next decade.

Do I list the foreign mortgage on my application?

I simply asked but how many qualify for a house around the median price point(this was for Raleigh, NC), he responded oh maybe 10-15% of the new applicants.

As a general rule of thumb most municipalities expect for the applicant to demonstrate hardship.

That said, good tenants around here have their own washers and dryers, so I would end up having to store those appliances.

@Marc Shin We're funding cash out refis for a lot of our most experience BRRRR clients right around day 91 (to pass 90 days of title seasoning) where we get the process started (appraisal, title, application, etc) around day 60  (plus or minus) when they have the place fully renovated and at least listed for rent (we'll use appraisers opinion of market rent to calculate DSCR). 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

A good tip is to reach out to contractors, visit local supply stores, and check out online resources for cost ranges.

I've also asked for the current tenant's original application.