You'll want to make sure your tenants can comfortably afford the rent—usually, their monthly income should be about three times the rent.

I also got the taxes reassessed and cut by more than $7k per year, due to the tax assessment being overvalued compared to my purchase price.I just went through the process of getting a 25-year commercial loan put on the property with my usual lender.

These owner occupied nonQM products usually require 10% down and have some credit score requirements as well. 

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

Most large corporate companies will not do these shorter periods and will only allow week-long or 10-day rentals, so usually a smaller company will be more workable on this.

Build and nurture as many relationships as possible so you can use the commission/extra income from these deals to put towards your next investment property!

Hey @Mario J PerezAdvantages - Processing time, underwriting conditions, paperwork requirements, not impacting debt-to-income and/or personal credit, can own many and close in entities reducing personal liability (to name a few).Disadvantages - Rates tend to be a tick higher (less and less these days) and fees will be a few thousand more per deal, can be very regional, higher appraisal costs usually (based on the need for a 1007 rent market analysis on every one), can have weird underwriting conditions (lender specific)30,000 foot view at it, but the entity/personal credit side of things make DSCR loans really helpful as you start to scale, and especially if you are doing any personal borrowing for personal homes, cars, etc.Hope that helps!

I totally agree...I usually go month to month on my leases and sometimes wonder, "what's the point?"

We may request additional docs, or co-signer, depending on what has turned up, giving them limited time to produce them (usually one or two days max, depending on what is needed).Once we have any additional requested docs or info, we make a decision and either send out (mail or email) a standardized denial letter, or call them and advise they have been approved.

It has two separate entrances with an extra 100 sqft of storage behind each garage.