Sam Craven past 180 days is not illegal in Texas there are just additional qualifications.

Additionally, lenders don't like associations that have one owner with greater than 10% interest - are you paying cash? 

He's struggling with paying the rent ($750 a month) because of the type of employment he's limited to.I'm finding that it's often a challenge for those who have been in prison to find decent employment.Without decent employment they can't make decent wages.Without decent wages they often won't meet income requirements.This can be the reason to decline an applicant with a criminal background (as you might with any applicant who does not meet your income requirements).Gail

In addition to what Bill E. said, I try to get a good idea of what expenses could come up soon.  

One additional benefit, I have had luck contacting them after a year or 2 and asking if they'd like to settle the note for a discount.

In addition to cash in cash returns and capital gains at sale, I also look at the debt coverage ratio to see if the property can support its debt service in these scenarios.  

My wife plans to partner with me over time and at some point I might look at taking on additional partners. 

I've gotten 3 quotes for an approx 400 sq foot master suite addition (plans already approved by the city) and the least expensive was $150,000 - tile, fixtures, etc not included.  

I wrote a blog post last night that may help prompt some additional questions for you to use in your search.https://www.biggerpockets.com/blogs/8756/51616-tru...

Occasionally, you will find private money lenders that require a percentage of profit on the sale, rather than, or in addition to, the other fees and/or interest.Loan terms can also vary, but most private money loans tend to be about 6 months.