Her employer wrote an employment verification letter too stating she makes on average $3500 / mo.Credit Score: 731 - two 30 Days Late marks on her credit from a few years backDebt: $63,476 - Revolving $139 / mo, Installment: $1,227 / mo - 2 car loans make up the bulk of this.She has never been evicted or arrested.

(and I had a decent FICO score and very little debt), so I went to a private lender who gave me a loan at 6.7%, with closing costs near 30k on a 500k purchase.

I’ve found that people in the BP community are incredibly friendly and willing to help.One of the best events/groups in the area is the RareBird Investors Network put on by Mike Nuss and @Tyler Combs.

You will want to avoid markets where a single industry dominates the local economy in the number of jobs since these kinds of markets a incredibly susceptible to swings in the market.Census Bureau: Building Permits Survey (BPS) The purpose of the Building Permits Survey (BPS) is to provide national, state, and local statistics on the number and valuation of new privately-owned housing units authorized by building permits in the United States.

I'm still slowly picking away at the cosmetic stuff but it's a solid house (I've been living in it for two years now).I'd like to pick up a third house to rent out but it seems incredibly difficult to find a deal in this area...I may be waiting a bit to see if there's a market downturn. 

You can generally get higher LTV' s than conventional, up to 85, maybe 90% depending on occupancy and credit score.

Regardless welcome to BP the wealth of knowledge here is incredible it’s great being a part of this community.

Sounds like they have been incredibly thorough and forthcoming with the information.

So don't anticipate having to chase down rents every month on this one.I think financing terms are pretty incredible but would aim to refinance if rates stay low in a couple years once I've paid down some debt and let the property appreciate a bit. 

Any feedback would be incredibly helpful.