Within 24 hours, they approved our application and followed up with a request for more information.

Here are some ways to get started analyzing deals.For a Single Family House Hack:-Reach out to a couple lenders to give you a good idea of what you are approved for.

So if you suddenly find a great deal and want to go for it, a tax return showing a massive loss could hurt your pre-approval chances.That said, if you’re not planning to buy anything else soon, deferring the depreciation might not be a bad move.

that's interesting I didn't realize there was an approved contractor list

@Don Miller Congrats on the permit being approved! 

These all require applicants to submit an acceptable Letter of Explanation addressing each specific issue and occurrence.Rental HistoryBecause a current landlord may say anything to get rid of a bad tenant out of desperation, we also require information for the previous landlord of all applicants…Analyze IncomeMany landlords require a month of paystubs from applicants and just use these to calculate a monthly qualifying income…Employment StabilityUnless an applicant has exceptional credit, we strive to determine their stability of employment…AssetsWe are one of the few management companies that requires a bank statement as part of our application process…Letter Of ExplanationAny time there are credit issues or we discover an inconsistency, we require a written letter of explanation (LOX)…UnderwritingTraditionally, landlords have only looked at the income of applicants…ApprovalOnce an applicant is approved, we require a nonrefundable Holding Fee to make sure they are serious…

You have to jump through hoops to get the approved work even if they will approve it.

If the seller was also a builder and has plans, that could be a great shortcut, especially if they’re already approved or meet local codes.

Can they get pre-approved for a conventional loan and then switch to FHA once the 91-day requirement is met?

I would probably, say "thank you, but our renting guidelines don't allow for that big of a debt load to be approved."