Other than paying for an appraisal or BPO (and maybe a credit report), you should not pay a lender anything until your loan funds.

@Carlos Ptriawan how do you mean, "management required the LTV to be lower than 50-60 percent" ?

However at high LTV at my current rates (my DSCR rate is nearly 2% lower than your specified rate), my underwriting shows 1% ratio to be cash negative in my high rent point market which is why I am confident you have negative cash flow when properly allocating for sustained expenses. 

While they mostly aren't lying, they leave out a lot of reality.Why would a government funded program like S8 pay MORE than market rents?

I don’t completely understand how I could best put my money towards a rental property or fund one with the income that I am making.

The first mortgage will provide a payoff to the sheriff/court and the funds from the auction go to them.

Doesn't sound like it would be too difficult to get funded.

You can refinance sooner and at a higher LTV.

Focus on areas with strong rental demand, like Broad Ripple, Fountain Square, or near universities like Butler and IUPUI.Maintenance Costs: Indiana weather can be tough on properties, so budget for seasonal maintenance like snow removal and HVAC servicing.Additional AdviceKeep an Emergency Fund: Unexpected repairs or vacancies can arise, so having 3-6 months of expenses saved will help you weather any surprises.Build a Reliable Team: I have lists of contractors, handymen, cleaners and property managers if you'd like me to send.Good luck with your property and future expansion!

I will take that over 200.00 a month positive cash flow :)  All the while running my Capital Partner business and funding over 120 deals a year for my hand picked clients. lThat's a nice combination.