Banks will tend to hold on to these loans and each bank has different requirements for qualification.

The combo may be your best option although qualifications are more strict to get qualified for this unique program. 

Hold the property a year, and meet their qualification criteria and you can refinance using a new appraisal.

Bp Community I need some help..I am looking for any specific info/ advice for what I could do.Long story long, I got a pre-approval for over 150k from my bank, then made offers looking for personal investment properties, got one accepted on a duplex in my hometown.2-unit Multi-fam List price: 180kAccepted bid: 145k2 Unit-gross monthly rents: $2,100/ month (tenants pay utilities)Both units are below market rent100% Occupied, no work needed but if improved rents can be raised more and ARV would go upAlmost identical house right next door appraised this year at 205kAs stated I got a pre-approval and pre-qualification for 150k before even looking for a house.I have enough for 20% down, and I have over 10k for emergency cash reserves.I have a W-2 job, and over 735 credit score...I have plenty of real estate experience, an agents license, a contractors license...The bank had all this info up front.

I know a good lender (I believe they can convert to portfolio too), and also some private lending on certain turnkeys which is another option once you hit the 10 rule because they don't care about personal qualifications.

@Derek Brunson Welcome to bigger pockets, real estate investing will depend on your qualifications both financially and time availability to put into the business.

Hello, I wanted to hear your opinion on my preliminary qualifications below, even before I give them the Renter's Application to fill out:=======To qualify I have a min requirement of Household monthly income to be at least 3 times of rent.

However what you got from your banker might just be a pre-qualification, while what you want is a pre-approval.

Based on what you guys put above would I qualify for a Fannie Multi Family loan or am I lacking a couple qualifications they'd be looking for -- (management of 5+ units, etc)Hope my questions make sense and would appreciate any feedback.  

They tend to look at the project qualifications over the personal credit.