My borrower also owns an apartment complex financed with a bank loan and bought within the last year with other investors.

When the tenant moves out you will have a minimum of 1 month if not two months where you receive no rental income, you have to pay the mortgage payments and then you get to spend more money on make ready repairs, if the security deposit was low you will have more out of pocket so the income earned over the last 12 months has disappeared and then some.

Are the last 4 units going to rent for $1k/month?

Climate change was also a major contributor to the severity of the Louisiana floods last summer. 

You should know what all of the houses that have sold in the last year around that house have sold for.

@Ramon Olmos, 550,000 exchanges in 2005, 100,000 exchanges in 2008.  2/3rds of realtors turned over in the last 10 years.  

I know real estate is a revered profession, but I've gone through 6 agents and the last one filed the wrong paperwork and I lost out a great deal.  

The key is that 2 year work history that you'll need to establish.In certain circumstances you can use the income before you even receive your first paystub (certain relocation and job change scenarios), however typically you'll need to receive atleast 1 paystub to use it.If you have had no work within the last 12 months preceeding this new job then you may need to be on this job for a min of 6 months before you can close on this new loan which would hamper your plans to close within 45 days on this duplex.Then again scenario #3 if you have the credit and the down payment and the property cash flows from conventional underwriting perspective and you have "no credit card debts," on your credit report then you may be able to qualify any way since your debt to income or DTI will be 0% (property cash flows) no debt outstanding to qualify for as the duplex will be adding income to your scenario.I've had an underwriter okay scenario #3 above but have never funded a deal like.

How have the last 60 days been with them...Are the bonuses you bought worth it?

I have been reading forum posts, books & blogs on BP for the last several months and thought it was time to stop in to say hello!