If you do this, you'd both be tied to the loan.

In other words, sufficient capital for the cash purchase of a property (plus rehab) and eventually refinancing the completed project to a long term loan.

Buyer could never get the loan approved on time.  

I plan on saving my income and applying for a FHA loan next year.

At $215k ARV, a DSCR loan at 70% LTV would be a $150k cashout and would have a PITI of approx $1450/month assuming a 7.25% note rate.

Depending on the environment, I might just say "I have a few apartments that have big loans on it.

Explore options like construction loans, private investors, or partnerships.

This new data on the report was a loan for a new rental that closed exactly 3 months ago plus a hard inquiry for this loan.

We were saved because it was a high cost area where improvements add a lot of value. 

Also performing notes can significantly impact your net worth in a positive way, remember the interest is what is paid first on the loan , your equity doesn't decrease much until much until late in the loan.