And don’t sleep on local banks or credit unions—they sometimes offer flexible portfolio loans that could work for a deal like this.Since your wife qualifies as a first-time homebuyer, check out any state-specific programs or HUD options for down payment assistance.

The sub 550 credit score people come out of the woodwork to apply for this home. 

For a cash out refi, you are generally limited to 75% LTV and rates right now are in the mid 7s for good credit and a DSCR over 1.0. 

But you have to ask proactively, and be mindful of how long you stay in forbearance to avoid long-term credit issues.🔹 Insurance Challenges – Even when insurance pays, it rarely covers the actual cost to completely rebuild.

Eviction History: No prior evictions are permitted.Requirements to consider: Background and Credit Check: A clear background and credit check is required.

These are great places to invest where prices and rents are favorable as well as the landlord laws. 

You might find a local credit union or community bank that will go to 95 -100%.At one point I called 2 different VA Regional Loan Centers regarding this section in the VA lenders handbook:Assumability - The second mortgage should not restrict theVeteran’s ability to sell the property any more thanthe VA first mortgage.

They may favor buyers who demonstrate a willingness to use the property in a way that aligns with their values.Pricing: Non-profits might prioritize achieving fair market value, as they have fiduciary duties to maximize value for their mission.

Similarly, a credit report fee upfront is reasonable, but these can often be avoided as well.

Tyler,Within my 20 years of experience as a landlord, if I had $150k and good credit, I’d focus on either flips for fast capital or rentals for long-term cash flow—trying both at once can slow you down.