I spoke with a traditional lender the other day from Total Mortgage who said it would be difficult for me to get any kind of financing outside of a traditional 20-25% down investment loan, because I don't have a credible reason to be buying another multi-family outside of investing purposes.What is the simplest way to make a second purchase utilizing the 203k loan program without running into issues in underwriting? 

Equity partner to contribute 90% of investment capital (I put up 10%) in exchange for 80% ownership (moving away from pref returns since difficult for sponsor to get any cash flow before sale).

If they wait, the market may be hotter and more difficult to find a rental.

The reality is, most markets are difficult.

This means that getting your hands on clear title can be difficult.

Without experience, it will be difficult to gain a quick approval with a small amount of money in the deal.

As you can imagine these jobs are extremely difficult to secure.

Also, even if you do pay for the work out of pocket immediately, depending on the length of the project many investors/developers want their money back to invest back into another part of their business such as lining up the next project.Lastly, getting your draws should not be too difficult.

As I am a contractor/builder myself, I don't mind the owners or bosses there when I work.Ask some questions, but understand that you don't want to be a nuisance to your contractor.I have had some owners make the job pretty difficult as they question most everything being done just to be educated.

Manny Moreno It's going to be very difficult to pass the self-sufficiency rule in SD so make sure your lender has that part down.