I FOUND THIS DEAL THROUGH WORD OF MOUTH I WAS TELLING DIFFERENT PEOPLE IN MY CIRCLE I WAS READY TO BUY AND LONG BEHOLD A BUDDY OF MINES WHO IS A REALTOR PRESENTED ME THE DEAL AND LET ME MEET THE OWNER WE HAD A GREAT CONVERSATION AS HE TOURED THE PROPERTY WITH ME HE EXPLAINED HE HAD HIGHER OFFERS BUT BECAUSE HE SEE IM A YOUNG GUY DOING THE RIGHT THING HE REALLY WANTED TO SELL IT TO ME AND THE REST IS HISTORY !

The fact that you already have multiple units fully rented is a big plus.If I were analyzing this, I’d start by verifying each cottage’s rental history, condition, and potential for adding more units or amenities.

I like the idea of diversification of my investments and I love the strategy BAM has articulated: the focus on properties with below market rents in growing areas with jobs and good schools. 

Right now I use school ranking as a means of inferring neighborhood quality.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

I had two problem tenants back to back-one was a long term tenant and I don't know what happened with her (possibly drugs), the other covid hit and her and her husband split up and she got in with some troublemakers who she knew from high school. 

I’m back now and looking for some guidance on an idea that caught my attention.An old high school friend of mine has been buying older houses, either renovating or tearing them down and rebuilding, depending on their condition.

It's also worth noting that, given my community development background, the intent is to help them refi into traditional financing after they've established a payment history.

Short Sales, Bank Owned, $/sqft, school district, days on market, etc.  

Verifying last 2 years of rental history very important!