This typically includes and exterior and interior makeover and re-leasisng to whole new set of tenants at much higher rents.

It is very hard to find a lender that will help include this income prior to it being on a tax return for 2 years.

Examples of qualified expenditures include costs for structural work, electrical and plumbing systems, roofing, and other improvements necessary for the rehabilitation.

I hope Mario can mitigage his losses by selling the property quickly to stop the bleeding, or re-tenant and refinance to less expensive debt but this serves as a case study on the perils of investing in lower tier neighborhoods.The amount of people on the internet and social media selling the false narrative of how easy it is to create wealth through investing in real estate, specifically these lower tier neighborhoods is upsetting. 

That includes window/labor/ and trim on inside / outside.

Examples include Montrose, Midtown, and EaDo.

Looking into cash-out refinancing and DSCR loans and all of that but I'm getting ahead of myself as I don't even have the 1 yet lol.Nobody in my family has any experience with this sort of thing so I'm just hoping someone can give me their opinion on if this investment makes sense.The home is currently being rented for 2900 total (all tenants are month to month and have been there about a year each) and my monthly costs would be 1,200 included taxes, insurance, mortgage etc.I am considering putting the home on section 8 because the fair market rent would make my monthly rent 4k+ but I'm weighing the pros and cons on that avenue.From what I understand the biggest costs to me as a home owner would be a new roof or fixing the pipes for any reason..

As I said the intent was good, but you need to take charge as it is your money and your dad also (while well intentioned) made some mistakes and didn't include you as part of the decision making. 

Make sure that if you intend to stand firm a evict the tenant, your deficiency notice includes a notice that you are disabling unilateral payments as you are not accepting late rent. 

This could be through finding ways to increase the rent on your existing properties, taking on additional work, or finding other income streams.Reducing your current debt levels can also improve your DTI ratio.Improve Your Credit Score.Look into various financial institutions, including community banks, credit unions, and online lenders, which may have different criteria or offer programs for investors.Since portfolio lenders retain their loans in their own portfolios rather than selling them on the secondary market, they are able to provide greater flexibility.