Keep in mind, you should have already had a conversation with the hard money Lender to know their terms and process, and be ready to perform. 

Welcome Drake,You've landed in a great community of lenders, investors, agents, CPAs, Attorneys and wholesalers.

My experience currently involves but is not limited to; breach of contract, embezzlement, coercion to include extortion and blackmail, and bribery from both lender and two NEW WESTERN agents.

Hi Dave,The topic is 2 years old which you might not have noticed.Closed at a 7 must have been urban core in a highly desirable area.I am seeing trade at a 9 here with no rent bumps in the primary term.For anyone wondering many tenants are credit tenants.There is a huge difference in that INVESTMENT GRADE tenants are BBB- or higher.The ones below that are considered junk status by many lenders which doesn't make them a bad investment just harder to get financing and more to put down.The dollar stores (there are 3 big brand companies nationally) with other smaller regional knock offs are okay as long as you are not buying in obscure rural locations.The fronts are usually brick facade and the sides are sheet metal.You second and third generational tenant will not have the same per sq ft sales they will leaving you with less of a re-rental return.Having said this I have seen some very nice all brick ones where the city required a certain architecture and look to approve the building permits and process.Those typically run 1 million in price to 1.2 versus the cheaper ones in rural areas at 500k to 800k.

It is debt you are obligating yourself to and lenders and the federal government think of it that way.Missing a payment doesn't mess up your credit, but it does mess up your day when you get sued or prosecuted. 

The first lender I worked with had gone into lending because on his first commercial flip we lost over 250k because of a contractor.

Having worked with 1,000's of investors to Broker the properties I sell in my local market, and having worked with dozens of Property Managers, Turnkey Providers, Agents, Property Management Software Companies, Lenders, Inspectors and various other investment real estate vendors to market their products and services on my show, the one thing that stood out to be was the CEO Zach's obsession with the biz.In real estate we've get a lot turnover, a lot of flameout.

I've got about $525K in equity in the property, but lenders have told me that I cannot get a HELOC to access that equity for additional purchases because the duplex was financed as an investment - they have said TX law dictates that HELOC can only be used on primary residences.

Also find a good lender that is well versed in STR/MTR loans to make sure you qualify for financing (if you need it) and that they can execute the loan smoothly

Each program is a little different so it just depends on your situation and income.They are quick and easy though once you get your certificate you can work with any Bank or Lender that is approved to use those DPA's.