The lender I'm currently using (local credit union) will allow bank statements showing proof of income from the property.

Oregon and WA is 2 to 3 and 10 to 14  20 to 30% down.those WITH experience and long track record with a certain lender can get near zero down deals..not going to happen for newbies or someone not know to the lender..

I do not currently own any rental properties, and I have a single mortgage now for my own house.Anyone care to comment about my chances of these mortgages going through before I even waste my time at a bank and take a hit on my credit score for a mortgage inquiry?

Could you get approved for a conventional commercial loan for a small apt property if you only had roughly 20k on your tax returns but have an excellent credit score, $0 debt, real estate owned free and clear, and cash reserves ?

Is having good credit important in investing or can you get by with ok credit?

We are looking to do a flip somewhere close to home (Orange county/LA) and we have great credit.

My strategy is to secure a line of credit on the equity in my current home and use that to buy and hold a rental property under my name before transferring it to an LLC.

At each bank I obtained an UNSECURED LINE OF CREDIT.

But I don't have the money or the credit to get into multi families.

Starting your business now would give you the credit and history of your company that you could use in the future to purchase homes with loans made out to your company.