Most hard money lenders can lend you up to 90% of the purchase price and 100% of the rehab costs with a 12-month term and a rate of 10.49-12.49%Hard money lenders issue what's called an asset-based loan, so they will consider the property itself along with its potential future value, not your personal financial situation.

Your 2 loans and taxes and ins are $2,363 per month at your numbers, so 1 month equals almost another 1% added to your cost, at 12 months your cost is now $278,360.What happens with your 2nd loan if it takes longer than 12 months, do you have to pay any extra points to extend?

IF it's a rate & term refinance, we have no seasoning what so ever. 

So she did not pay rent for September ( she was supposed to pay it to the previous owner and the owner was supposed to send it to me, but the previous owner received nothing and she agreed nothing was sent ).Now she needs to send my information to her case worker to update the rent payment address and everything.

I didn't start with a ton of capital to work with either, so I was kind of in the same boat as you. 

This is the primary reason why Freddie Mac & Fannie Mae "agency" multifamily loans have so many additional rules compared to bank and credit union loans.

So you can negotiate  a partial credit sometimes.

You pay 10% + taxes so that money needs to make 20%+ to even catch up to what it will average in the markets. $100k equity probably doesn’t give you much to borrower either from a ltv standpoint.

Hi @Erin KilloughWhen it comes to picking the area you want to invest in something I would recommend for you is this website.https://www.areavibes.com/Use this rating and classification system I have created over time to get an idea of the "Class" for the area - A class B class & so onHere is my rating & classification for each livability score.80 and above A+78/79 A76/77 A-74/75 B+72/73 B70/71 B-68/69 C+66/67 C64/65 C-60/63 D59 and below F

I think I may have read it - but honestly somewhat of a blur because I've read so many different blogs/articles on the various classes of property to help me not only gauge where it is, but also in setting expectations.