There is a whole subculture of scamming investors in Memphis so take the time to vet your providers. 

(Get an owner occupant loan.)Can you seller finance it for more?

I ended up hiring two lawyers who agree that is unacceptable and yet $2,500 later I'm still at ground zero with them not willing to provide documents or the latest is them asking me for $500 for "copies" - also who knows what the documents would entail after they hired some family lawyer, which was likely paid out of the HOA dues.

If you want less leverage simply put down the funds you would use to pay down the 6.4% rate on the new property so you are at say 60% loan to value on the new house.

•If I do use it, how does that impact my ability to qualify for another loan this year?

I am glad you all provided a detailed explanation to help me understand.  

LP/GP equity construction loan How did you add value to the deal?

Be sure to explore all around the forums as well as many of the FREE tools that Bigger Pockets provides.I am on the lending side of things and am always happy to hop on a call to discuss loan options that are out there, even if not offered by my resources.

Be sure to explore all around the forums as well as many of the FREE tools that Bigger Pockets provides.I am on the lending side of things and am always happy to hop on a call to discuss loan options that are out there, even if not offered by my resources.

From the time I started the initial consultation, Tommy was very helpful to provide all the information I needed to have before making my decision to go forward with the rental property.