We decided to go the route that was most highly suggested - and seems cleanest - by incorporating an LLC and going after portfolio lending.

We are very interested in pursuing the wholesaling route to get ourselves started, and eventually be able to use those funds to break into real estate investing.

I was thinking of something along that route though.

There is problem #1 the SFR violates the 51% SBA rule and for some other reasons I really cannot go the SBA route. 

If you choose to go this route, send the tenant a Demand Letter (post it on her door and/or send by USPS with proof of delivery/certified mail) for the rent and late fee. 

I personally would say this is the main factor is the score, most time if the score is above 700 we could look at a Conventional Program such as HomeReady or HomePossible that would allow you to do this house hack with as little at 5% downIf the Credit score is under 700, then we would look at the FHA route with as low as 3.5% down.

@Guifre Mora perfect, I’ve been focusing so much on MF and trying to start in that route that i can’t say I’ve dedicated the same amount of time to flipping bc it wasn’t in my initial plan.

The other option for repairs/damages is to go through a real estate attorney - and if you go that route, I would recommend demanding damages for not being able to rent/live in your condo due to the unsanitary conditions and the ceiling damage.  

Like Tyler said you can go DSCR and likely take a hit on leverage, or go Taylor’s route and reach out to a local bank. 

Has anyone gone this route using their HELOC?