If the lender is licensed in the state you're buying in, then they can do the loan.

I ran my own custom proforma for a bank loan using the asking price that would generate a cap rate over 10% and CoC just under 20%.

I can say from having taught classes on these loans that your contractor will be the biggest key to your success.

You typically need up to two years of stable employment before a bank will loan to you.

They’re requesting what feels like an unreasonable amount of information, and the demands keep escalating.So far, they’ve asked for:A video tour of my home officeCredit checks on me and my partnerCopies of the deeds for every property we ownA copy of my partner’s home lease and utility billsBusiness phone billsA signed letter from the bank verifying our accountsBank statementsHonestly, it feels more like qualifying for a loan than trying to become a customer.

However, there's a loss on the 2023 Tax Returns, and Net Income is $45,000 in 2022 (Client has lots of writeoffs) What loans could I use that only consider:- Bank Statements - 1099s - Credit Score Please contact me with options.

Also, I am guessing that due to the state of the house, it would not qualify for a conventional loan?

One solution could be a Debt Service Coverage Ratio (DSCR) loan.

A non-recourse loan is an option if your SDIRA doesn't have enough funds.

I am hoping to make connections to learn more about this market, which neighborhoods to focus on, as well as learn some pro tips as I begin my investing journey.To note, I have begun the loan pre-approval process and have a dedicated agent that is eager to find me a great property.