What made you interested in investing in this type of deal?

I saw an ad on Craigslist that they need someone to do private investigator type work.

@Randy MannYou will need to find a private lender or partner on these dealsAlso recognize that when you go to refinance it probably will not be in a year as the lender will want to typically go 75% max and chances of that type of appreciation in 12 months is very very low

Purchase price: $139,000 What made you interested in investing in this type of deal?

I think DSCR Loans are definitely in your future as you continue to grow your portfolio but probably not the best fit here:-Can strictly not use DSCR for any property you live in - would technically be possible if you moved out, leased up the unit you are currently in and provided good documentation that its legit - but this is a firm non-starter for DSCR (absolutely no occupying the property)-DSCR Rates at best are in the sixes on a cash-out refinance - so you would be doubling your interest rate at least on the current property - which could make sense but its a pretty high hurdle.

How would you approach this type of project if you have the ability to purchase but limited experience on actual development?

If its clearly spaced out and documented that you are only occupying one at a time while you keep fixing and moving should probably be OK

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Do a lot of research on what type of property you want to buy and what investment strategy you want to use (it's ok if this changes, just have a plan).

My realtor mentionedan umbrella policy so I’m trying to understand why or when that type of policy makes sense