The easiest way to think of the draws is like a reimbursement where after you complete work on the property, the lender sends out an inspector to confirm that work has been completed then gives you funds according to what has been done.You should be using a lender for the purchase as well since purchase and rehabs offer the highest % of purchase price.

@Clare CuiWe look at all the factors for a bankruptcy when reviewing a tenant application. 620 means they have definitely done well since then- but the question is also why did they file bankruptcy?

You should have known from the beginning.

There is no 30 day close with a 21 day inspection period haha  ya I fund a few buys that have that exact model it does work well but they do have to pay me of course. 

So far, I have one lender with whom the HELOC convo was actually going well until the matter of the house being owned by a business came up; then she redirected me a commercial loan (which may be what happens).

Multifamily (2-4 units) properties often times require additional down payment (Fannie/Freddie require 25% down), but there are a few DSCR lenders that will allow 15% down on 2-4 unit properties as well.

Any tips or things you wish you’d known beforehand?

Hope you are doing well!

In that case I assume you must have been debating some other possibilities as well?

I have even reached out to a few really well known and experienced investors who are willing to sponsor a deal with me.