Since a lot of you are wondering the difference between PML and HML, here are my thoughts about it...Private money lending and hard money lending both involve loans for real estate, but they differ in source and terms.

I've looked into reciprocity agreements for the state of Virginia and Michigan when it comes to transferring your real estate license or brokers license to another state.

Like I said sorry I don't have any real pearls of wisdom it might be worth a consult with a good attorney that understands insurance coverage issues.

I have the ability to get these units built at very favorable costs and there are no real comps I can find so I am at a loss for planning my development strategy with regards to the size of loan I could reasonably get.This will be my first project and my partner's third but he self-financed the two others.

I'm shivam] from [NEW YORK ], passionate about real estate investing for [5 years ].

I've written a few articles here that should help in your decision:The 10 Best Markets for Your First House Hack13 Real Estate Hot Spots You Won’t Want to Miss Next YearI'm personally putting my money where my mouth is and moving to Fayetteville, AR where I will be house-hacking my first property--something that could only be a dream in Los Angeles.

You should definitely talk with a commercial lender in the area, I'm in Knoxville and built new so I'm happy to connect directly to my bankers.

The list of docs I have include:PSAMemorandum of AgreementAffidavit of LiensDue on Sale DisclosureAuth to Release InfoGen Warranty Deed (as the bank holds the title at the momentMobile homes can be treated as an automobile or as real property.

As a person who is new to Real Estate and Real Estate investing, is it best to save up cash or do a cash out refi on your personal home to purchase a 2nd home (1st rental)?  

Traditional lenders in this industry won't fund you on a purchase of a SFH that has leases for rooms and the building will need to be in your LLC name which means a primary bank won't lend you either cause of that and cause of your employment status.You have a real chance to start.