@Michael Plaks you seem to make conclusion statements hidden in the disguise of being a laymen.

What I am nervous about is the leach field, some hidden issue that was just covered up in the flip (foundational or electrical) and those da** dogs!

What I am nervous about is the leach field, some hidden issue that was just covered up in the flip (foundational or electrical) and those da** dogs!

As we work toward an end to renovations we keep finding additional hidden damage. 

If you can find ways to do that by raising rents / income and/or lowering expenses, you can find hidden gems. 

That "must have 2 years of rental income history on tax returns" thing is a hidden overlay.

This is a program where 1st time home-buyers who make at or under a certain % of the area median income (say 80% or less for example) qualify to apply for the grant, certain banks receive grant funds so you would need to ask your bank if they participate in this programRehab costs: $40,000 (lot of sweat-equity)Appraised: $385,000NEW PITI $1785/month: Refinanced into a loan of $260,000 ($325,000 with 20% down, 30 year fixed rate portfolio loan @ 4.375%) and pulled out $61,000 ($260,000 minus $191,00 owed on old loan minus $8000 closing costs) I could have taken out a higher loan (due to the appraised value) and received more cash-out $, but I wanted to be conscious of what my new PITI would be and make sure I could cash-flow going down the road.DetailsBefore Renovation- 864 sq ft - 3 bed 1 bath ranch style home, , attached 2 car garage, 1/3 acre yard- Purchased foreclosed for $220,000 with a 30 year fixed rate loan @ 3.875% - PITI $1385/monthI worked with my local bank to build in renovation funds into the actual loan, where I would pay to have work done to improve the property (new roof, heating system, flooring, etc) and the bank would inspect the work then release funds to me to reimburse for the cost of each repair as they were madeAfter Renovation- 1278 sq ft (finished basement added 415 sq ft)- 3 bed 2 full baths- Appraised Value $385,000The first 6 months in the property was spent doing new roof, heating system, refinishing existing hardwoods (hidden under grey shag rug), new SS appliances, new paint inside and out, finished basement (added another living room, office/bedroom, and full bathroom)For the refinanceI was quoted by my local bank for a 30 year loan a 4.875% interest rate. 

From a selfish point of view I teach people the hard truth about real estate. i don't want to compete against newbies that don't understand the risks they are taking, and the hidden cost they are ignoring. 

Other than that, their interest rates are competitive and points aren't too bad and no other hidden/junk fees.For my next rehab I'm going to use Iron Bridge Lending based out of Portland, OR.

Evictions are nearly impossible with the LTB having a hidden agenda to prevent evictions and pass housing responsibilities along to the private sector.