There are some useful tips regarding investing in condos.

#1 - Your credit score.  

So what one bank might do, another might do something totally different.My guess is that any drop in value would have to be fairly significant for a lender to reduce your credit limit, but I have yet to see a lender actually put a number on it. 

Quick Tip: If you haven't already, I'd look into some PM software to make your accounting/management life easier.  

The lender I'm currently using (local credit union) will allow bank statements showing proof of income from the property.

I do not currently own any rental properties, and I have a single mortgage now for my own house.Anyone care to comment about my chances of these mortgages going through before I even waste my time at a bank and take a hit on my credit score for a mortgage inquiry?

Could you get approved for a conventional commercial loan for a small apt property if you only had roughly 20k on your tax returns but have an excellent credit score, $0 debt, real estate owned free and clear, and cash reserves ?

Is having good credit important in investing or can you get by with ok credit?

We are looking to do a flip somewhere close to home (Orange county/LA) and we have great credit.

My strategy is to secure a line of credit on the equity in my current home and use that to buy and hold a rental property under my name before transferring it to an LLC.