It's been incredibly weird to get this much money with strings attached,  only to have the lender go ¯\_(ツ)_/¯ when you try and get more clarity on the strings. 

Hoping to be scoring some of those deals myself here soon!

It's an incredibly useful vehicle for getting started and punching above your budget (from a down payment standpoint).

On the surface, it looks like I qualify income and credit score wise.

I opened several 0% interest credit cards to do the renovation and piled on about 60k in cc debt and (because of my utilization rate) my credit scored plummeted to just above 600.

I am currently renting an apartment in the Dallas, TX area and for about the same price or a little more than I am spending now, I could get a 3 bedroom house.My credit score is about 730 and I am thinking I would put about 5% down on a home with a target price range of about $230,000.

I know that I can get financing for 7% interest rate but that seems incredibly high for an apartment complex and, based on the numbers that I got for some deals on loopnet, that is pretty hard to turn a profit.

The Credit/Background check you will run and if they show a responsible credit score I think you'll be fine.

Now having my credit pulled once or twice every couple years doesn't really impact my credit, but once I start having many credit checks over the course of just a couple years, my score (and thus my financing (with traditional lenders) eligibility) would take a hit.

When I started my first business I approached many potential clients with a question about what they would do differently if they started a business now... the conversation always turned to what I was planning, and it was an easy soft sell usually turning into a commitment to engage in service.Then seek guidance from the local SCORE chapter, or chamber of commerce to setup the business and get the proper licensing/certifications/etc.