Here's the key numbers:Gross Monthly Rent: $1,500Monthly Expenses: $220 (HOA and management)Maintenance Expenses: approx 7% annuallyMortgage Payment: $1263 monthly, 3.25% APR, $201K owed overallZestimate: ~215KNOI CY2019: $13,225  Net Income: -1,895Forecast CAPEX: 8-10K within 5 yearsSooooooo....

We either found this on a pre-foreclosure or a short sale.  

If you manage your own private lending transactions, in Houston terms are running 10.00% APR and 2.00 origination points, interest only payments with a 4 to 6 month balloon. 

I recommend going with a small bank that only does mortgages in order to get a pre-qualification/pre-approval.

I was really liking Regions Banks terms (6 month intro period at .9% APR

I believe this is under Regulation A but I am not an SEC attorney...My SEC attorney recommends we structure our apartment syndication as Reg D, Rule 506(b) so that most investors we accept are accredited and still allows some non accredited investors with whom we already have a pre-existing relationships with.Having said that, this is not necessarily a scam if the right SEC rules are followed. 

Origination fees, points, APR, etc should all be factored in to the calcs.

I called around and tried to get a pre-approval letter for financing but am having some issues. 

There is also a complicated option of buying into an LLC and be allocated X% interest in the LLC on a pre-determined formula. 

I have more than enough credit line to cover the 40K rehab, and since I’m in active duty, my APR is 0-6% on my credit cards.