Make sure you get your name on the deed or have some type of contract so they don't change their mind about the partnership after making the house all nice after the rehab. 

We ended up going the HELOC route on that property for a few reasons. 1) the interest at the time was only 5%, which although seemed high, didn't matter too much with our potential property showing a 18% ROI 2) we leveraged a second home loan with 10% down for that new property, so our HELOC withdrawal was relatively small compared to what would be needed for a traditional loan on a rental. 3) I dont think I will see the rates in the 2% again in my lifetime, so figured I should hold on to that "free money" instead of selling it. 

NO receipts to copy or review because all receipts are consolidated onto a spreadsheet by house with a description for each purchase.

Welcome @Darwin Plada House Hacking New Jersey, is what go my wife and I to Fi. 

When I was looking to find a property management company to rent out my own house I wasn't getting enough value for the money IMO and I would've loved if they offered an option where they only took care of maintenance and charged a lower percentage.

Consider a VA Renovation Loan to finance the repairs into your loan.9.

@Chiane Martin the biggest challenge to doing Boarding Houses successfully is investing the required extra time.LTR - take the least amount of time, but time required increases as you go from Class A, to B, to C, to D.MTR - take more time than LTRSTR - take more time than MTRBoarding House - can take an insane amount of time to manage!

If you originate a lot of loans I believe the software you use should be able to generate the MCR's for you.

Rentals create cash flow, and that's what we want as real estate investors, but you need cash on hand for unforeseen circumstances.The AC needs to be replaced, that's $7K to $10K or more depending on the size of the house and if you have one rental, it will eat all your cash flow, same to replace a roof, etc, or if tenant trash the home, you need money to fix it again.To me personally a nice rental portfolio that is healthy consists about 10 units, so if you have an issue with a house the portfolio can cover the repairs and still healthy, but when starting you need to have cash on hand just in caseYes, there are multiple strategies you can use to hack your way to buy your first rental with minimum cash, but I would start wholesaling or fix and flip a few deals to create that cash as fast as possible

Considering their LTV is at market or debatably below market (depending on the asset), if the interest rate or loan terms aren't advantageous, I'd also suggest getting quotes from other lenders.Since you are located in upstate NY, I'd look for local banks.