Condos writ large are challenging and need to be heavily underwritten (including even assessments which we don't look at as lenders) before being undertaken.

I've noticed a lot of confusion and forum posts seeking guidance on 'commercial' mortgage financing for apartment complexes of 5+ unit up to 20-100+ units.

And if so, does anyone know a good lender that does HELOC on investment property?

Whether the lender allows it will depend on the ratio required.

Because of our mortgage conditions, we are going to be moving out of our condo, renting it out, and into one of the 4 units in the new building.My father's conditions for assistance were a loan for down payment, along with funds for renovation work.

Lender?

The other lesson I learned is that the right fit for me in this investing process is to long term hold the properties I purchase, rather than flip them, unless market conditions are so good that flipping makes sense.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I can help you explore refinancing options in the future to lower your interest rate, especially if market conditions improve.Living in the property for 18 months while renting a room can help you offset mortgage payments and reduce living expenses.This strategy also gives you time to understand the local rental market and plan for full rental income after you move out.Fixed-Rate vs.

Another option is to have cash saved for the rehab-- it really depends on your situation and the extent of a renovation.Start hitting up lenders in your area and see what they can share-- each bank might be slightly different.

The biggest change will impact seller finance lenders who will be required to be licensed as a mortgage company once they exceed 3 loans in a consecutive 12 month period and will apply to all entities they use.