Thanks for sharing your approach with me David.

Since today is the deadline to file 1099s with the IRS for all contract workers, I thought I'd share a simple "best practice" for getting the paperwork done.Print out a short stack of W9 forms to keep in your car or bag, and hand one to EACH vendor upon your first meeting (or at least before you pay them). 

No way LaserPro docs would look that rookie or contain that kind of language.

Thanks again for sharing...I'm taking notes and learning !!!

Does anyone in the area have any info or war stories they can share?  

This is the first time I a sharing this information.

Learn some of the language that commercial bankers speak, like LTV, Term, amortization.

Assuming it is a decent deal, can you offer him different terms and see if you can fund it with a smaller entry cost which might make it easier for you to find the cash (hard money, a partner to fund the cash and share in the ownership).

And even though they work a little different they all share a page within the section 8 voucher that you receive from the tenant in order to request an inspection where it ask you for comparable rental properties in the area.

(BTW, I've created a spreadsheet to estimate the rental income required to qualify for specific properties and am happy to share it with anyone interested).After conducting some research and attending open houses, I found very few properties that meet my financial criteria within San Diego.