I'd highly encourage you to come to our next local meetup to networking and learn from others that are investing locally.

He recommended a DSCR loan instead but the fees seem high ($55,500 to close).

Your gang of thieves (and it would take a gang) might have better odds  of success knocking off armored cars at high noon or kidnapping wealthy children for ransom (a crime with a near-zero success rate in the developed world today).Get the case number, contact the USPIS independently, see if this rent heist story isn't really a snow job. 

Hey everyone, I'm a highly seasoned multi-family investor and developer in Canada, with a track record of successfully developing over 800+ units.

But the escrow officer can help with that.From a high level though, that’s it in a nutshell. 

I’ve flipped in the dc area for years, right now there is just money & in the vast majority of cases there is high likelihood of losing money, right now the best investments in the area imo are buy & hold, I’ve even gone full circle and while I really liked value add for most of the last decade I think in a lot of ways new construction especially in more affordable markets (I’m personally a big fan of the eastern shore market) is a much better way to make money long term than flipping and brrring while I know they are sexy & certainly you getting a huge paycheck is great, there just isn’t any money in it right now, especially in nova. 

Partner Driven was interested in the N Deerview Dr deal in Lake Villa, IL, due to its high profit potential.

@Gerardo WaisbaumAt Spark Multifamily Group, we use money market accounts and are earning our investors high 4% interest rates.We have a separate MMA account for each property.Don’t co-mingle funds from different deals in the same account.Each property ( assuming single property syndication ) should have its own account.The interest earned belong to the property ie the LPs.

Take those things into consideration as you take on the challenge and call a property manager if you get in over your head.HOWEVER, deciding to use a property manager in the beginning when screening the right tenant, (we call them Residents), highly increases you likelihood of success as a CASHFLOWING investor. 

Highly recommend.