They will give you the run around for days, and tell you everything is okay only to give you the bad news 30 days in.., Honesty is the most important aspect in mortgage lending. 

As a beginner you are green enough that you need to temper your enthusiasm to make sure you don’t bite at bad deals.  

Combine that with rates that are near high for this century.  3 things could solve this 1) RE prices fall (that would be bad for me) 2) rents increase a lot without RE prices increasing similarly (this would be bad for tenants) 3) rates fall a lot.  

Although when you do have a good renter it tends to be really good but when you get a bad one in there it's really bad.

This particular property that I looked at is managed by a PM company and it has bad reviews especially for cleanliness.

The good news is you will be able to get debt on properties easier than someone who is making $50k per year assuming you don't have a bunch of bad debt.

I’m trying to get a heloc or cash out refi on a primary residence duplex.l under FHA.I have great credit but modest incomeWife has bad credit with better income therefore I don’t believe we will qualify for heloc.Our plan was to get heloc to use as a down payment on another house hack or general investment property.So far our mortgage company said they could do the cash out refi which would raise our mortgage from $800 to $1200 (current rate is 3.62) and the rate would go to 6.6To pull out hopefully 30-35k maxMy concern is if I do the cash out.

Willard,FHA has taken a bad rap over the years but to be honest it’s a great loan for anyone looking to use the banks money and keep your cash in the savings.

I'm in Milwaukee and I have heard of a lot of bad stories involving this type of scenario...mostly involving out of state investors. 

I can buy investment RE but due to crazy bad DTI (far worse than 100 to 1, possibly approaching 500 to 1), I cannot get reasonable financing on an OO and not sure my co-sign will help on conventional financing.