I have some pre-written advice for beginners, people asking if they should set up an LLC, how to find a property manager, etc.

Banks are less willing to budge on pre payment penalties knowing rates will likely ease and don’t want to lose loans recently originated to better terms.

I get a lot of messages from investors in the Bay Area and I'm happy to talk to someone for an hour but as far as ongoing advice, I don't think I'm the best person to advise them since my properties fell into my lap pre-2013 (California and one Indiana property).

@Jessica Heller- contact  several  lenders on the  same  day - provide them  with the  same criteria -  get  some  quotes and ask the  questions you have  ...compare the date and the feedback received and then make a  decison on  starting the pre approval process 

These often include a preferred return for the investors and then a pre-determined cash flow distribution schedule between the sponsor and investors that includes the cash flow distribution waterfall based on either the IRR or EMx and possibly a GP Promote. 

There is a lot here that he needs go over, such as are you cashing out, looking to lock rate, is there pre pay, do you want community or agency?

It is normal to get cold feet but the main thing is to do the best due diligence you can do prior to going under contract-  "Pre-DD". 

You will need two years of your 1099 documented income to qualify for a loan as a 1099 employee, both years of taxes complete for them to formally pre-approve you most likely.You need to bank as much money as possible.

The inventory you see on VRMCO was in their pipeline "pre-COVID" I am told.

Additionally, by incorporating flexibility into its use—potentially housing commercial tenants during repairs at another property—I enhanced the strategic utility of the investment within my broader portfolio.