We’re one of the few property managers that require W-2’s and a bank statement and we go way beyond the traditional, “income must = 3x rent” qualifier.Below is more information about what our Applications Department does to screen applicants and find the best tenants possible for your property.Required InfoWe require the following from each applicant over the age of 18, that is not a dependent of another applicant (as evidenced on a tax return):Copy of acceptable state picture IDRecent YTD paystubRecent W-2Recent Bank Statement, all pages, no info blacked outRecent tax return if self-employedApplicants are often slow about turning this information in, asking us why we need it and then taking several days to submit.

Just be mindful the reverse exchanges tend to be more expensive than a traditional 1031 exchange.

Underwriting will assess the performance and appraisal of the property based on traditional long-term rental comps.

Additionally, you have many borrowers that do not qualify for your traditional A-paper mortgage from a bank and that will definitely not help, as they won't even have the opportunity to buy.

Once you do this conversion it will be difficult to change it back to a traditional long-term rental. 

It's not like people won't know that the property isn't in a flood zone; if they finance it through traditional financing then the lender would most likely require that they carry flood insurance. 

It's an investment into the property, and if/when they move out or even if they're there you can now add a traditional dryer to the property and collect additional rent.

Purchase price: $260,000 Cash invested: $52,000 This gem of a condo caught my eye, despite the fact that I traditionally believed condos weren't as great an investment as single family homes.

But I guess some tenants may want to do that instead of putting a traditional large deposit down. 

If you live in the property for at least two years, you can sell it without paying ANY capital gains tax (unlike traditional flipping).We've done this a few times, but almost every time, we end up keeping the home as a rental.