They are private lenders agreeing to loan their own money, with their own terms, and taking full risk.

However the lease term indicates the following."

Mortgages in Canada come with different terms (eg 1 yr, 2 yr, 5 yr) and fixed and variable rate mortgages. 

I'm looking more into long term rental since I have no experience or time flipping houses.

Short term acquisition and renovation financing for BRRRR and flips.

Also keep in mind that fees and charges matter, but a long term vacancy will hurt you more in the long run than a company who can better market the property even at a higher fee structure.

Why are you excited about Detroit as a market in the long term?

@Phillip Rosin - Based on the info you provided, I recommend that you start with a Fix to Rent short term loan to purchase the property and rehab it, followed by a cash out refinance into our DSCR loan.

County Clerk suggested that once I retake possession of the property, that it is could be difficult to get a settlement for any future unpaid rents through the end of the lease term, which is through July 2024.

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