I get a lot of messages from investors in the Bay Area and I'm happy to talk to someone for an hour but as far as ongoing advice, I don't think I'm the best person to advise them since my properties fell into my lap pre-2013 (California and one Indiana property).

@Jessica Heller- contact  several  lenders on the  same  day - provide them  with the  same criteria -  get  some  quotes and ask the  questions you have  ...compare the date and the feedback received and then make a  decison on  starting the pre approval process 

These often include a preferred return for the investors and then a pre-determined cash flow distribution schedule between the sponsor and investors that includes the cash flow distribution waterfall based on either the IRR or EMx and possibly a GP Promote. 

There is a lot here that he needs go over, such as are you cashing out, looking to lock rate, is there pre pay, do you want community or agency?

It is normal to get cold feet but the main thing is to do the best due diligence you can do prior to going under contract-  "Pre-DD". 

You will need two years of your 1099 documented income to qualify for a loan as a 1099 employee, both years of taxes complete for them to formally pre-approve you most likely.You need to bank as much money as possible.

The inventory you see on VRMCO was in their pipeline "pre-COVID" I am told.

Also advertising costs.On loans, I would hunt for an 5 year fixed interest only with low pre-pay penalties that you can refi when rates finally come down (hopefully).Landscaping / snow removal is legit and is more viariable than you would expect.

A property qualifies as Homestead for this exemption if an eligible owner files a Principal Residence Exemption (PRE): https://www.michigan.gov/taxes/0,4676,7-238-43535_43539-210891--,00.html#:~:text=Section%20211.7cc%20and%20211.7,purposes%20up%20to%2018%20mills.Many investors have gotten an ugly surprise when they bought a property that was a primary residence of the seller for the last 20 years.

Think the CNA at your local hospital or your kids pre-school teacher.