I'm considering going to the bank and being completely transparent to ask for an increase in the rehab loan, but they have a much more conservative ARV in their appraisal based on much lower projected rents ($1,400 avg vs the $2,000 avg we're actually getting on the finished units), so I'd have to convince them of the higher ARV.  

The threshold for owing an actual monetary amount is a few million dollars. its more the hassle of filing an annual online report.Many of my clients are out of state investing in TX, both with and without an LLC.

This tells me that the HOA did not actually remedy the cause of the problem.

Open a new application with an actual lender that isn't going to charge 12k in origination fees. 4.5% origination on this deal is insane, the broker / lender are ripping you.If you take this to another lender as is (not great credit, no experience, light rehab amount) you would likely get denied again. 

I have around $15,000 in the bank which could afford a 3.5% down-payment, but closing costs and the first few months rent could be a stretch as my job hasn't started yet (The home would still be under construction so its possible I could achieve W2 income before actually paying a mortgage?).

Nothing like having someone that doesn't just talk to talk but actually walks the walk. 😉 

Hey there @Martin Kim - I am actually in Chicago, but work with several out-of-state investors on the general contracting side of real estate.If you are targeting northwest Indiana you should connect with @Eudith Vacio, she knows that area like the back of her hand and would be a great fit to help you out on the real estate agent side. 

great thread, im actually here right now on calle 7 and 14, La Velata area thats booming.

It's actually the same guy that does u urban cafe in sta monica mentioned above. 

A final 1003 at the top, provided from the actual lender should have that designation.