So even if you had a buy out agreement negotiated up front and execute that buy out agreement, the bank would still require him to be guarantor unless something drastic changed on your side financially.The best scenario here would be to purchase and rehab the property using a hard money lender or bridge lender.  

IMO: It looks like regulators were asleep at the wheel here, just like they were concering the big banks and derivative providers like AIG.Whew, ok background done….

There are still some docs required (ID, bank statements, copies of leases, copy of insurance, etc.), but it's WAY less document intensive than a conventional loan. 

Bank of America https://caselaw.findlaw.com/court/ca-supreme-court/1848301.h...Only lasted for four years though.

This is how banks verify property owners maintain insurance.

So, I called the appraiser and explained that I would meet him on site to go over the paperwork.  

While more development did happen over the last few years from development projects started in 2021 and 2022 when rates were lower and developers could outlast supply chain issues, the upcoming supply is expected to drop again, as we will discuss later on, with the relatively sharp rise in interest rates that has dried up investment capital due to the fear in the market, sellers opting to hold out on their land and or properties until cap rates and interest rates subside again as is expected in the coming years, as well as banks being cautious to lend on real estate due to this sharp rise putting many projects that were started in 2021 suffer greatly from a 7x increase in rates over the following 40 months that had adjustable rates or 5-year terms which is very common in larger multifamily investing.

If you are willing to live in urban areas you may want to talk to a local bank in your market and see if they have any incentives or grant loans for certain areas.  

I think things should make sense so if I couldn’t reasonably explain something I wouldn’t do it. 

This way, when you meet with applicants, you can explain if they don't meet the minimum requirements, and if they do, you can then consider their application further.