Well, we don’t own a G-5 like @Jay Hinrichs 🤣, and our process is much more local, but not much different in terms of borrower and property qualification.We only lend in Los Angeles and North Orange County.

My wife and I are passionate about real estate and looking to purchase our first long-term rental property (small multi-family).

All other factors (applicable documentation, terms/interest rates, title, requirements) seem to usually be about the same.

Depending on the area you find a property might determine how long you live there.

Interest rates are in the 6-7% range... so it doesn't take a rocket scientist to figure out if you are increasing your loan amount by ~$50k, and at a higher interest rate,  your payment has to go up or your terms have to extend.  

Also remember that Real estate is a long-term play so even if the cash flow isn't a "home run" right now you can refi later and hopefully even pull out some equity you can put down on another one, bringing you closer to financial freedom.Thanks for reading BP!  

@Zach Chandler if you are going the self-manage route, which I highly recommend because it’s simple, as @Gerald Pitts mentions, use the Short Term Shop’s ‘Enemy Method’.

If you're goal is to keep it, you could take a short term personal loan or cash advance with your credit card.

Most often the terms specify that distributions are first paid to satisfy the preferred return and second they are paid to return capital, so the capital account would look like this:$100,000 starting balance$8,000 preferred return accrual($8,000) preferred return distribution$100,000 ending balanceIn year two, there is another $8,000 due, etc.But partnership agreements can be written however the parties agree, so the rules could be different and that would result in entirely different calculations and results.

Hello everyone,
I've been trying to buy property in my home market of NYC, but it's been quite challenging. I'm considering looking into Pennsylvania or upstate New York instead and would appreciate any advice. I've ...