Here are highlights of the program right from their website:Program Benefits-A 30-year fixed interest rate mortgage loan, several rates and loan options available-Down payment assistance (DPA) 3% to 5% of the loan amount-You do not have to be a first-time homebuyer-DPA provided as a grant (never needs to be repaid) or 3-year deferred forgivable second lien loan-Available statewide through a network of participating lenders.

As-is the house is worth about 250k and will be worth well over 300k once rehabbed, but I’m hoping for 24 month loan.

But, it also means more work in managing, tricky loan processes, higher start-up costs, and the risk of market changes.Lubbock, with its high need for rentals and low-cost living, is a top spot for duplex buyers.

Then we will continue to close the $5M SBA loan showing them that we have that gap... and proof of funds at that time

Issue a "Cure or Quit" notice, which gives the tenant a final opportunity to stop smoking or face eviction.

Hi Kiley, the first thing you need to do is ensure you are paying taxes on your rental income - you’ll need 2 years if you want a conventional loan.

I am not sure how to make the initial purchase...If I use a private loan? 

Unless you are an experienced builder, securing a bank loan can be difficult, and hard money loans often have high interest rates, which can become costly if your project faces delays.

My main dilemma is on financing my first investment property, as I do not have the funding to pay 20-25% down on a loan for investment.

If you're considering a DSCR loan, most lenders won't assess the property's value using a cap rate.