HELOCs are specifically helpful in this case so long as you are consistent with paying it back in a timely manner for the next transaction.

no reports of incidents with our residents but there were some people injured and some homes damaged. 

A HELOC should be reported on your credit profile as real-estate related.

Most states require them to produce a report with that data to give to the client.So why is having an algorithm look at the rental data illegal, but an individual person look at the data not?

fpr=1k54qIf you want to DM your address I can provide you with a free report from my tools (bnbcalc and AirDNA pro)

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

Then there were some issues with the inspection report that ruined 3 contracts prior to me getting involved.

Buildium streamlines the process by generating screening reports for us.

By consistently researching the market and recording both my own and my colleagues’ transactions, I’ve built a substantial database of closed deals, which I use to guide my clients effectively.

Be aware of tax implications: rental income is taxed in the property’s state and reported on your California return, with deductions for travel, depreciation, and expenses.