Jimmy,You need to show (2) years of 1099 SE income in order to use FHA, or traditional financing to get approved for a mortgage.

Additionally, I'm banking on a future opportunity to refinance.After less than a year, here are a few tips from what I’ve learned:*Hire a local STR expert real estate agent to guide your investment location.

The problem is: A traditionally financed low-down payment house-hack with traditional long-term rents simply won't cash flow during occupancy, or after, in many MCOL-HCOL markets in the US. 95% leverage at even 5.7% just won't work in a lot of cases right now.

Nevertheless, Jeff told me he thought I had a shot with this bank, and that I should go down and meet with the president.

As mentioned, we "openly and notoriously" record the deed for the world to see so there is no hiding things from the bank (which could be construed as fraud not to mention poses many other risks for creditor liens, etc.) 

@Charles Kao I believe he means attorney & Title Services that are familiar with non traditional or creative Transfers or Sales of property that don't include Banks.

All but one of the family members are on board, and we collectively own the majority, but it's 55% and the bank requires 60%.

It’s great that you’re pre-approved, but I’m curious why you’re leaning toward traditional lending instead of hard money, especially for a flip?

And there is a lot of appreciation potential.For someone just starting out, I'd suggest focusing on traditional long-term rentals before jumping into short-term rentals.

I have one more key question: Since I'll be starting my first-year job upon arrival, banks might be hesitant to lend to me initially.