It sounds like they use a qualification process and their process includes some financial data in a form you fill out.  

Using other peoples money is a great way to keep you honest on the project as well keep the project out of your pocket.I thought funding my own would give me control but what it really did was hogtie my leverage and made me emotional in my decisions.There may come a time when funding everything makes sense, but even if you do a few flips with HML, you will understand the process, have a foot in the door and be positioned to act on ANY opportunity when it comes along.And having a bunch of your own employees just means that they are looking to you or leaving you if the work slows down. 

The house is worth around 200K, I didn't plan on charging interest, just an additional $600 a month for the 20 years.One of my biggest concerns is the foreclosure/Eviction process. 

The property is in California, where 90-days-late is required before filing a Notice of Default to begin the foreclosure process.

So I am in the process of acquiring a new property in a good area that is vacation driven in upstate NY.

(How to deal with existing mortgage during the gifting process... prefer mortgage gets paid off, rather than become part of the gift.)Much thanks

My gf is very design savvy and has experience organizing homes. 

It forces users to manually split mortgage payments into various components every month, has a painful process to start new mortgages and close out existing ones, and generally has a miserable process for handling everything around loans and amortization. 

If you have equity the best way to start the process is to do a cash out refinance and pull out some cash to use as a down payment on the new REI. 

It serves as a designation for professionals actively involved in the oversight and operation of their rental portfolios.Summary of Requirements:To qualify for Real Estate Professional Status, investors must fulfill two key criteria:50% Rule: Allocate over 50% of all annual personal service hours to real property trades or businesses.750-Hour Threshold: Spend more than 750 hours materially participating in specified real property activities, including rental operations.Navigating these criteria demands meticulous attention to detail and a thorough understanding of IRS regulations.