If you are looking for a bank in your area, I suggest reaching out to active investors and asking them for referrals.

It was not 2,000 miles away though so that played a major factor that's for sure.What I can say for sure is that investors need to make sure they do not have to rely on the tenants rent to pay the mortgage, especially if they are out of state.

Here's some discussion about Newport that made me do some digging on current real estate activity.  

You should keep documentation that the property was actively advertised for rent during the time the repairs were being performed.You are allowed to move into a rental property anytime you want to make it your personal residence.

The majority of us were brought up to think a certain way about money.  

I've been more active on here in the last week than FB and IG combined in the last year lol.Give me a shout if you make out here.

I tried to include all the pertinent information below:Rental Income: $13,200Rent: Currently has a tenant on one side at $550 per month without a lease – I’ve made it a condition of the sale that the tenant has either signed a new lease with my property management company or delivers that side vacant; other side is not rented out due to required rent ready repairs; rental comps in the area show between $550-600 (I’m being conservative and assuming $550).Expenses:Vacancy: 10% ($1,320)Property Management: 10% of gross rents ($1,188)Property Taxes: $2,065 ($905 for City of Memphis, $1,160 for Shelby County)Property Insurance: $450 per year Repairs and Maintenance Assumption: 2% of Property Value per year ($980 per year)Utilities: separately metered; all paid by tenant except for lawn mowing at $25 once a month for $300Advertising: 6% (roughly ½ of first month’s rent) $792 per yearDebt Service: Based on $49k purchase + repair price, 20% ($9.8k) down, 5% 30 year fixed is $2,525 per yearLocation:This is probably where most of my concern is coming from: Western edge of Hickory Hill, Memphis, 38115; major cross streets: just SW of Clarke Rd and Winchester RdAcquisition:Purchase Price: $42k, seller to pay closing costsRepairs: $7.5kTotal Acquisition Cost: $49.5kARV: Large range of comps in the area, best guess is $60kFinancial Metrics:Net Operating Income: $6,105Cap Rate: 12.33%Cash Flow: $3,580 per year, $298.33 per month, $149.17 per unit per monthCash-on-Cash Return: 36.5%Do you think it's a good deal?

I'm in the National Guard in SC, so not full time, but my brother is active duty regular Army and will be looking to get into REI at some point too.

I'm also a private money lender and active in RE, and therefore we may be able to work together.All the best,Jamie

Thought the majority of Owner Financing is done through other investors.