Bank statements as-income-documentation will also be tough, since these programs tend to like steady income, not income that comes in fits and starts (eg, flips)... many alt-doc lenders even specifically exclude income from real estate activities from being considered (this isn't a protected class like gender/race/familial status/etc). 

I know you can't help but be biased, but in your opinion, would a broker be a good option for me?

If so, then you need to look at the Midwest - particularly Indianapolis [yes, I'm a little biased].One can find solid B-/C+ properties in great blue collar neighborhoods for around $65k [with recent full rehab] that rent for $800.  

I am pretty biased as all of my property is in Berwyn, Lyons and Cicero, but I love the location in the suburbs as we get the strong tenant pool but lower entry prices compared to most parts of the city.

If you get the place appraised before the renovation as part of your initial loan, they have some bias toward the value of the place. 3) You get to refinance quicker.

But if I had a non-biased choice, I don't think I would, which causes the concern of the type of tenants I'd attract.On the other side, there is a duplex that is in a B neighborhood, but the cashflow is at about $200, assuming I raise the rents to market.

But, my point is that I believe it's important to understand who writes something before you take it at face value and take into account what their biases may or may not be.

However, title companies advice is often bias and based on the events necessary for that particular title co feeling comfortable issuing title.This is one of those questions where the only answer posted in reference to your situation that you should follow is the one that states that you need the advice of a knowledgeable and experienced real estate attorney.

So I'm a little bit bias with your question and would say new construction all day long.

A number of upfront concerns come to mind with a piece of real estate being elsewhere (don't want to bias anyone's feedback, so won't list them), however, seems like the best option in building some passive income given the steep prices in LA.Thanks in advance for your feedback - loving the forums.