We purchased the property using a VA loan intending on living in it for a long time.

@Niaz ButtI’m either calculating it based on a similar project or using a cost psf that I know is very conservativeFor developers who’ve done many many projects they have the advantage of having so much more knowledge than I do

@Michael Ludwig They are Jurassic tools of navigation much like using a sun-stone to figure out which way to go.

Thank you in advance for your suggestions.HI Vincent, yes, if you are self employed and using a DSCR loan, you would have to use at least 20% down payment.

Be sure you are using a non Wholesale lender for the true DSCR experience.Cheers!

First you can buy an investment property with 15% down up to 4 units using a Portfolio program.

About 15 years ago contract for deeds were virtually eliminated in Texas by legislation which not only limited the benefits of using a CD, but introduced severe penalties for even minor issues of non compliance.  

I'm guessing since your and your wife are busy you would be using a property manager even if you lived near Columbus. 

@Tomomi Ohta I don’t know a single investor who would evaluate properties in Texas using a 2% rule, let alone the 1% rule.

Hi Norma,I recommend using a DSCR purchase whereas the property qualifies itself, no tax returns , no employment or income required.