It was just a way to earn a few extra bucks when the circumstances proved right.The same for subject to deals; loan subordination; purchasing of “discounted” notes, or hard money lending.  

They issue a very strong full Loan Approval and commitment within 24 hours that the banks/sellers like to see.

I plan to use a DSCR loan.

Refinance with a DSCR loan.

Basically, I want to make a smart financial decision.

It's interesting that many of these VC-backed PMC's, despite having 10k+ properties under management, aren't doing well financially - one of them just merged with another industry-related company also not doing well.Just for fun, here's a partial list of PMC expenses that owners pretend don't exist:Office rentComputers, printers & softwareInternet & phone billOffice furnitureOffice supplies: paper, postage, ink, etc.Office liability insuranceAuto expenses: monthly payment, insurance, gas, maintenance, registration/plate feesBroker license fees: annual, monthly board & MLS fees, continuing education fees, E&O insuranceEquipment: lockboxes, signs, etc.Business income tax preparation and paymentsStaff payroll & payroll taxes Time Tasks: answering phones, calling past due tenants, scheduling tours, taking marketing pics, processing those pics, writing ads, researching rent amounts, posting ads, explaining to owners how rent determined & showing where ad posted, opening & processing mail, posting payments, bank deposits, scanning documents & posting to owner & tenant portals, explaining accounting to owners so they understand their monthly statements, taking pics/videos of repairs, finding reputable handymen and contractors, confirming they're properly licensed & insured and tracking annually, verifying repairs done properly, processing invoices for utility bills, repairs, taxes, city inspections, scheduling periodic property evaluations/inspections with tenants that don't want strangers in their homes, explaining to owners why something is taking so long, and more & more & more...OBSERVATION: many owners only want to pay a flat fee or 50% of a month of rent as a leasing fee - without realizing the repercussions. 

@Don KonipolWe have done very similar on a quasi participation agreement where it’s a 12% loan and 2 points at $500k.

Sounds like there might be some "upside" as future development takes place with increased demand, but it's important to know the financial situation up until that time period.

In FL I have a lender who gets the 10% second home loans done easily. 

We have about 20% as a "down payment," but I assume that avoiding a traditional loan would be the best way to avoid extra fees and costs.Have you ever purchased a home from a family member, and if so, how did you come up with the money?