If your goal is to rent the property post-renovation, you might pair a DSCR loan with a short-term hard money or fix-and-flip loan to cover the rehab costs.

We have an event this Saturday Feb 12, 2022, you can check out the Bigger Pockets page for it here:https://www.biggerpockets.com/...The group's page on Meetup.com is at:https://www.meetup.com/real-es...There is a $5.00 contribution which you can do in cash at the meeting as well, it doesn't come close to covering the cost of the space but I may be able to get another space shortly. 

@Stephen FlemingFrom my experience working with over 400 investors, your strategy of leveraging a low mortgage rate, tapping into home equity, and diversifying with a short-term rental (STR) in Northern Michigan is well thought out.

There is no seasoning requirement involved since the property isn't a short sale and it isn't someone buying REO from a bank with a seasoning requirement.

Thanks, I'm looking to get into short term or long term rentals for starters.

Now, in 2024, we're seeing $4,000 per month just on the main unit and $1,800 on the other unit of the duplex.Long story short, it's a long term play.

Hey @Brandon Toron,Given your plan to turn the property into a short-term rental (STR), you have a few creative ways to push closer to that 90% cash-out goal, even if traditional lenders shy away from it:1. 

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

Conventional 5% Down Loan (Owner-Occupied)If you live in the property for at least one year, you can use a primary residence loan with as little as 5% down.After a year, you can convert it to a short-term rental (STR).Loan types: Conventional (Fannie Mae, Freddie Mac)2.

Been doing wholesaling off and on with little success but hopefully more time to devote to that shortly.