I am a RI native and an investor-friendly agent!

When house hacking, consider the area's average rents, property values, and financing options, such as FHA loans or conventional loans, which may require as little as 3.5% down for multifamily properties (if it's owner-occupied).

My friend is selling his house and is open to an assumable mortgage.

To start your journey, I recommend focusing on building your network by joining meetups and engaging in online forums, while narrowing down your first investment based on your budget, market, and goals.

Taking a deposit to secure the deal can be a good option, as it shows the buyer is serious and committed while also giving you the time needed for the 90-day rule to clear.

Any insight into the kind of options we may have for something like this and how qualification for a small hotel differs from residential conventional loans would be extremely helpful.

You will learn a lot, but you just may walk away with new friends, new partners, and maybe even someone who can call a mentor.

What is the standard option and earnest money in your area?  

However, after accounting for long-term capital gains tax and other expenses, you would be left with $150k which is important to budget and account for.

If this effort gains traction, it could fundamentally reshape the U.S. mortgage market, impacting financing options for real estate investors nationwide.The Role of Fannie Mae and Freddie Mac in Housing FinanceFannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are government-sponsored enterprises (GSEs) that purchase mortgages from banks and lenders, package them into mortgage-backed securities (MBS), and sell them to investors.