Another very dumb regulation is if someone switch jobs internally inside company, these circumstances makes them as they have no W2 as lender wants last two years with stable position.So again, here Credit union lender can give conventional rate that's very enticing by giving exception.

Maybe less)(the extenuating circumstances would be lay off's during covid)BACK STORY- i was about to file my chapter 7 bankruptcy, I looked through all the positives and negatives (so i thought).

That's not my cup of tea and also very risky and capex may exceed cash flow if you don't spend enough on rehab up front.My last few personal purchases all involved circumstances that gave me an edge: at this point I look for properties that need minimal work: instead of a 6 months rehab, I already get 5 months of rent.

Still do you think this is worth it given our housing circumstance?

Maybe less)(the extenuating circumstances would be lay off's during covid)BACK STORY- i was about to file my chapter 7 bankruptcy, I looked through all the positives and negatives (so i thought).

If the lender you talked to only has this option, you should shop around for lenders that have other loan products-80% cash-out refinance is going to be challenging in any circumstances, but especially with a short seasoning period. 

Sometimes there’s extenuating circumstances.

There is a legal doctrine called "piercing the corporate veil" in which in certain rare circumstances, a member can be found to be personally liable.

So I may use them for my next purchase depending on the circumstances and properties they have at that time.

It was just a way to earn a few extra bucks when the circumstances proved right.The same for subject to deals; loan subordination; purchasing of “discounted” notes, or hard money lending.