I generally went with private money first because I’d get better rates and terms.

Hey @Eric Andersen, so there are a lot of regs in the DFW area.https://www.fortworthtexas.gov/short-term-rentalsRentals are not allowed in residential districts: A-#, AR, B, R1, R2, CR, C, D, UR.Dallas recently banned STRs in single family homes but there was an injunction that blocked it.

Their fees and interest rates were high, but they had the least restrictive approval terms from what I gathered.

I currently work with investors in the states and out of the states to build a portfolio in Turn-Key, Single-family long-term rentals.

Make the offer appealing by highlighting the short-term ROI from his renovation expertise and potential profit-sharing during the partnership.

Also, the refinance of the property into a long-term DSCR loan to hold the property for rentals after your rehab is complete.

NOGuidance line Terms as least for us in the 2000s were I had 6 different bank guidance  lines.1. advance 80% of loan we needed 20% of our own cash.2. one year term  1 point at each renewal.3.

This works best when the seller is motivated and open to flexible terms.4.BRRRR Strategy (Buy, Rehab, Rent, Refinance, Repeat)– If you find the right undervalued property, you can finance the rehab with short-term funding and then refinance into a long-term loan, pulling most or all of your money back out.5.House Hacking– If you’re open to living in your investment, you can use an FHA loan (as low as 3.5% down)to buy a multi-unit, live in one unit, and rent out the others.

I would send them notice today that explains what will happen after the current one-year term ends.

And then go back to the broker/lender once you are serious or have it under contract about the deal for exact rates and terms