Sounds like you are dealing with a greedy banker that would provide a loan for an investment property and also want to have it secured with your residence.

If you want to grow your portfolio it might be harder to pay off properties quickly unless you have lots of income or are liquidating other assets.Most investors on here advocate using small down payments and securing 30 year mortgages and not prepaying them.

I just need their bank routing and account numbers for their checking account (as on their security deposit check).

My main questions include how exactly to go about securing financing when you have poor credit/ no working capital.

Anyone who believes that isn't aware of how agencies work and how many firewalls there are between such agencies and political influence, in fact, it is illegal to attempt to influence any agency official in the performance of duties....guess most here can't remember Nixon.The rate dropped THREE TENTHS OF ONE PERCENT which happens often and SIX TENTHS OF ONE PERCENT IN THE LAST THREE MONTHS, which AVERAGES TWO TENTHS OF ONE PERCENT.

But the security, lower fire risks, ability to survive weather (so long as it's not in a low lying area, LOL) and lower utility costs is a big plus!

So, its no worse than a regular W2 job.What is worse is that because you're self-employed, you have to play both halves of the Social Security taxes.

Equity REITs own and operate income-producing real estate, while mortgage REITs lend money to real estate owners and operators or deal in the acquisition of mortgage-backed securities or loans.

These days though many won't consider it without being in first position and without secure equity.

When his Dad retires, his income will be derived from his pension and/or 401k plus social security.