I made that mistake when I first started by trying to adjust the entire home, so it would be suitable if i were to live there.

After saving for years and being priced out of nearly all of our favorite neighborhoods here in the northeast, we decided to give up the American Dream of being house poor the rest of our lives and get into real estate.

However, we backed out of said deal because we found out we would only qualify for a certain amount of money on a second loan that was way too low for the market I live in.

So, on $300K I'm earning the differential of 5% or $15,000 per year (simplified) while on the $100k additional I'm earning 10% or 10K per year.  

I got pre approval from https://www.loanguys.com and I am having a lawyer look over any additional documentation before I sign, but something in my gut is telling me to avoid them.

Lots of wholesaling deals last week.In addition to what Dawn shared BTW, R.I.N.G is today and can be found on Facebook and MeetupR.i.S.E - Real Estate | Investment | Strategies | Entrepreneurship meets on 2nd Tuesday and can be found on Facebook and Meetup.Dealmaker has an annual conference and an expanding nationwide footprint plus a mastermind like group for all that meets on Zoom ever Wednesday at noon.Greater Richmond REIA and a few more can be found on FB and Meetup.I look forward to meeting you.

My goal is to help California: Homebuyers with their down payments using equity -- not debtHomeowners access their home equity -- without additional debtInvestors: Participate in home appreciation -- real estate investing without tenants or management.It's called equity sharing.

So we did live in it for 71 days last year before moving from the state, so it was technically only available for rent for 294 days...and out of those days it actually had renters for 151 days.

Thanks for the additional info on bank requirements, I understand they're picky over there.

I just moved to Phoenix/Tempe from Boston (learned about the price to live in that city the hard way haha) and I'll be finishing my finance degree at Arizona State.