I suppose it might depend on how much the property was converted.  

"Operation Slum Lord.com" is suppose to be derogatory.  

I suppose the quote from the plumber will make the biggest difference!

I second Chris Mason 's response there in terms of you being able to qualify as long as nothing went south.It could very well be that the underwriter didn't know how to apply the fannie mae rules for calculating DTI with an investment property OR maybe their bank had an overlay.But basically, your DTI should not take a hit when adding that property.Here is how they're supposed to calculate DTI with an investment property.1) Figure your personal debt and income side.So lets say your monthly debt payments (i.e. car payment, credit cards, PITI on your primary residence, etc) are 2k/mo.

That makes sense for the most part and we have a Business/LLC-based Checking & Savings account that we plan on housing the funds & transferring any deposits into (e.g. cozy.co), but I suppose our question goes a bit beyond this and into the accounting side of things. 

The appraisal is a supposedly an unbiased analysis of the value (versus the seller and buyer both have different biases).This is not to indicate that you cannot make this work as an investment but you are starting your investment with less equity than your cost. 

I have a first day offer on a flip I just finished  (agent says two more supposed to come by 5).

She can get other relators represent her getting a referral commission.As a licensed realtor she is not supposed to do rentals, or PM period.

It did exactly what it was supposed to.

I suppose I'll order that book.