FHA loans include oneproperty per FHA loan, owner occupied for at least 1 year, and can apply for new FHA loan in 2years.

The renovation costs may include a contingency reserve and renovation-related costs.Contingency Reserves:Contingency reserves 10 % required for any unforeseen cost overruns that may occur during construction.Unused contingency reserves that were financed into the loan will be applied to the principal balance of the loan.

Don't know if any of those apply to you or not, but good to check with your lender today and get them to run your credit so you know what your targets are. 

you mention applying for a loan …..does this mean you own a home and were  trying to refinance it  ? 

They said the distributions were delayed as a result of applying an IL state tax withholding due for investors.

If I am applying for a mortgage for anything I have to self-report these loans.

They can claim business overhead expenses, and they must file 1099s.REPS determines whether the resulting losses can be applied against your W2 income or not.

It’s all about putting in the effort to learn and apply the strategies.

And I understand that it’s about applying yourself as well.Do you have any programs you’ve tried and had better a better experience? 

------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?