Many of your main TV companies won't pay a claim on a property vacant for more than 30 days.8) Renters Insurance: how are you going to get S8 tenant, who qualified for the program via a string of bad financial decisions, to pay for it?

For instance, FHA guidelines are very strict and restrictive when it comes to using departing-residence rental income to qualify for a new FHA loan (such as the 100-mile rule).

What makes it slow in this case is that you don't really start seeing real cash flow until after year five but it's more effective than rentals in that there is little to no maintenance.Sure you can live in a home while fixing it up with the intention of selling it for a nice profit later but I think many people are already doing that and the buyers of slow flips now also have that opportunity without having to qualify with a bank.

Aging reports would be another avenue to explore, but again, may not even have these.Lastly, while maybe this property is in a desirable area of town with strong demand from highly qualified tenants, but I get the impression this is a rough part of town, with very limited demand from tenants.

They have "minimum" credit scores to qualify for a loan, but the higher the score doesn't change the interest rate.

Currently, I'm only qualifying off $80K of income so it doesn't help me qualify for a lot.It looks like Snow Removal is about $700-$1000 for a full season?

Quote from @Jose Solis: @Brandon Croucier i would be able to put around 70-75k down, and should qualify with my income what is the purchase price, and what is the timeline to develop the property?

However, it’s important to understand the loan’s key requirements:Owner-Occupancy: The borrower must live in one of the units as their primary residence for at least 12 months.Single Borrower: FHA loans are issued to individuals, not partnerships or entities, which means the loan would need to be in your name alone.Given your scenario, only you can qualify for the 203(k) loan since your partner does not intend to occupy the property.2.

You definitely want a legal agreement that's forecloseable, getting as much front money as possible so that you're not just in a lurch with nothing if/when they default, and you should get better interest terms for "being the bank" AND I would qualify the buyer just the same as if they had to go to a bank, because you want to know who your partner is in this deal.

But even if you fall under the normal amount for debt coverage there is other loans like DSCR  which qualifies the propertys income and not your income.