Debt/Income, LTV, etc. 

There was an episode on American Greed about Remington financial.. they were in business over 20 years their target was small commercial to bigger multi or commercial.. they charged 5 to 10k DD fee's estimated they brought in over 200 million in the 22 years they operated.. by the time the FBI was done with them.. they could not establish that they had made more than 11 loans in all those years.... long prison sentences. your instincts are fine and intact.

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 ?

Start by spending less, saving everything you can, and paying down your highest debts first.

We are currently paying off the last bit of debt (not including a auto loan, which if that will hurt us please let me know) we have which should be done by November and then we want to go straight into our first investment.

I just ran a property that I would love to buy if I can find the private money or possibly the hard money at the right rate and ran it through the BRRRR calc.All looks great except when I look at the financial projections section I see the following...50% Rule Cash Flow Estimates Pre-Refinance Total Monthly Income: $2,850 x50% for Expenses: $1,425 Monthly Payment/Interest Payment: $600 Total Monthly Cashflow using 50% Rule: $72 50% Rule Cash Flow Estimates Post-Refinance Total Monthly Income: $2,850x50% for Expenses: $1,425 Monthly Payment/Interest Payment: $556 Total Monthly Cashflow using 50% Rule: $869Am I missing something or should the total monthly cashflow Post refi be that high?  

So i am Using the GI bill to pay for college, but I also got approved for $6,300 this year in financial aid (Pell Grant/Federal Supplement Grant).

Instead of, or in conjunction with, other savings vehicles, consider just ONE rental property and all the benefits of the right property will offer over time: Cash Flow, Amortized Equity, Passive Activity Losses that "may" lower your W2 tax bill if you have less than $125k earnings, benefits of inflation in that not only are tenants paying down mortgage debt and rents increase over time, the debt itself becomes devalued, costing less in actual dollar terms.

., debt to income ratio below a certain amount).

Federal liens can also jump other 1st liens and become senior liens if they need to in an effort to collect on the debt owed.