Secondly, as other responses have mentioned, it's going to be difficult for you to attract a private lender without experience, or money to put down.

I’ve been investing in Detroit for several years and along with cash flow property values have started to increase significantly.

For example buy 300k property, renovate it (pay yourself essentially)  turn into 400k+ plus home, increase rents and cash flow.   

Here's another key...we usually want to see that someone has done similar projects in the past...or at least projects of progressively increasing complexity. 

I'll personally benefit if it is for the current year (anticipated increase in income), or is the benefit to be realized only for the actual year it was placed in service?

The cheap homes look good on paper, but cost a lot more as they often attract less desirable/more problematic tenants.

I hope to be able to continue increasing my portfolio and potentially get into multifamily buildings if possible. 

Here’s what typically happens when investment loans go 90 days into default1- loan is placed in “non per forming category”2- non payment information sent to credit bureaus, and borrower shows “90 days late”3- Fair Issac credit score drops 150+ points4- credit requests get denied, credit available is at rates 5 points higher than before5- notes are accelerated by lenders6- legal fees are added to principal balance owed7- the lender accelerates the loan8- interest rate is increased from the current Rae to the “default” rate9- late fees are added to the principal balance 

In these situations, we generally give them the option to sign a month-to-month agreement with a huge increase or have them sign a lease for the whole year.

We can generally look past the number of pets as long as their is either additional deposits or a rent increase per pet.