Looking for advice on how to obtain a secured (using property) non-income verification type loan for the purposes of renovating a non owner-occupied second home that is owned outright in order to to turn it into a short term/vacation rental (thus utilizing those projected funds for repayment).I've looked a lot of options (mostly from conventional lenders) but 99% of them want to see tax returns/proof of income.

W2 not important, but they will want to see tax returns.

I believe the tenants in this area would prefer a/c but I am not sure if this would return an increase in rent enough to offset the additional cost of adding itI would appreciate any input from some who may have had to make a similar decision or is familiar with the area and the rents

You can sue them by putting a Judgment on their income tax returns, and their properties, (according to your State Laws).

While the property may not still return 20% cash on cash, it would not be losing money on a monthly cash flow basis (hopefully..)But I think that is lazy and irresponsible, especially if you own anything more than a property or two.So I generally try to run what if scenarios on each property and then subsequently run what ifs on my larger portfolio to make sure that the portfolio can weather any economic storm that may come through.I have only been in RE for a few years and didn't gain the experience from 2008 so my question to the group is what scenarios do you test or have you encountered? 

Typical syndication returns can be 8% preferred returns (favor LP - you get paid first up to this amount) and cash on cash returns of 8-10%/yr and IRR of 18-20% over 5 yr typical hold.  

You only start making returns when you start investing so the sooner you start the better off you will be.

If you have an understanding of real estate and think you can get better results growing your retirement savings in that asset class, then a self-directed IRA or Solo 401(k) is a means to do that.All investments are made in the name of the plan, all expenses come from the plan, and all return accrues to the plan.There are several different plan types and service models available.  

It just depends on where you are looking and what returns you are trying to achieve. 

I send them my application I made and have tweaked over the years and have them fill it out and return it (this is free of charge for them).