All investors should consider private money lending as an additional income stream if due diligence is done correctly and the project is a good fit.

GAAP accounting, reporting to the Federal Government every month, and a business mind says: take the loss this quarter while we have income to offset.Account Closed foreclosure where borrower doesn't file BK or lie and change the title or other postponement ....s costs about $55000 today as digital processes and video hearings save time and money.There are better tools today.

Here is my ambassador link if you would like someone to walk you through it: Sign up to host on Airbnb and use the extra income to fund your passions.

Let's break down the numbers for the multifamily property you're considering in Chicago:The multifamily property in Chicago is a potential investment opportunity with a purchase price of $580,000 and a monthly rental income of $4,200.

PM's take between 8-10% of the gross rents.

We market the home, handle the showings, application, credit and background checks, verify income etc and then submit to the owner for approval.  

There should definitely be options for you using DSCR which many lenders will count your STR income either based on projection or your rent roll.Also, check local banks instead of brokers.  

Ocean lakes in Myrtle is probably your best bet. 350k may get you a 3/2 which will gross around 45k per year. 2-3 years ago you could pick up a 4/4 or 5/3 for that price so you may be priced out but there are a ton of condos for that price of 350k although I wouldn't buy a condo there we have two 4/4's but we stole them before pricing went crazy here in ocean lakes.if your diligent you can still find a deal but is much harder now 

Our long term goals are financial freedom, including matching my current salary with rental income in the next 4 years. 

Unfortunately this is a low income working class area.