Lender can foreclose due to property taxes not being paid, insurance being lapsed or payments not being made on the loan 

These are the properties we see investors have the most success with (some quitting their day jobs from the cash flow).Purchase: $80k-$130kRent: $1200-$1500ROI: 10-14%Cash flow: $250-$350/doorAppreciation: Double digit (for past 10 years, will gladly send data)Location: C+, B- (suburbs and certain markets)We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare, Auto, mortgage, Amazon fulfillment, and more jobs.The bad reputation comes from OOS investors wanting $20k D market properties where the condition isn't what it appeared to be and/or the tenants never pay rent.

Buying under an LLC shifts the type of loans you would be eligible for, and likely rules you out of considering a house hack or using an FHA/VA loan, but opens up different funding options if you have the capital for a larger down payment.

If this is a conventional loan then all documents pertaining to income,current mortgage and insurance, etc. if it is a DSCR refi you will need much less. 12 months of payment history, 12 months of rental income, insurance, bank statements and whatever else the lender may require. 

You all sign a contract and agree on scope, fee amounts and WHEN payment is due and abide by the agreement. 

@Chad Herring If you are lending under $100k, I am assuming it is just for the renovation funds, or for the down payment.….meaning it is likely that some Other lender has lent money for the purchase and possibly the renovation costs.

These are generally 12-24 month interest only loans that borrowers will generally pay back by selling or flipping to long term financing like DSCR loans.More on DSCR loans:DSCR loans won't use your income to underwrite the loan.DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.Here's a bit more in detail about how rates are calculated for DSCR loans:1.

I have found a lender who will do a portfolio loan, partial release and no pre-payment penalty for both properties.

Terrible customer service and withholding payments for service.

If you don't have a ton of cash then NJ may be tough for you due to high price points (looking at 150k minimum for down payment and closing cost).