I did pay myself a salary last year and plan to do so again, but I won't be able to produce the standard, "...last two pay slips" type of documentation that normal conventional lenders want. 

That's a very odd type of claim to cause ineligibility for a liability umbrella.

What made you interested in investing in this type of deal?

What made you interested in investing in this type of deal?

If this is an investment property Fannie can't do this type of loan.

To assess what type of upgrades to do and which will return for you - do some research into what other rentals in the area are renting for and scope of renovations they have - i.e. if the comparable rentals all have painted the 1970 cabinets - then you can do similar and not drop $40k+ on  full gut/ remodel.

I would recommend if you are starting out, either narrow down your definition of where and the type of property you want to invest and find the investor to fund it, or the type of investor you're looking for then seek the properties they will invest in.

New investor here looking for some advice - I’ve realized that my ideal property is a home with some type of ADU so that I can rent out the main house long-term and use the ADU for short/midterm rental. 

What made you interested in investing in this type of deal?

Purchase price: $150,000 Cash invested: $30,000 First investment property What made you interested in investing in this type of deal?