Can anybody please verify this information?

VERIFY PROPPER COVERAGE!

@Darius OglozaYou did verify by actually viewing previous projects, correct?

Here's what I have so far:1) Network on BP or local REIA's to find qualified contractor referrals then further vet those referrals through websites like Yelp.2) Interview 10-15 contractors through those referrals or websites.3) Get 3-5 materials and labor separated bids with an expected worst case scenario time frame for your rehab prior to finalizing the deal.4) Turn the bid into a binding contract where bonuses are in place for finishing on time/early and penalties are established for finishing late.5) Supply the materials for each phase of the rehab and pay labor as phases are verified to be complete by other team members (Real Estate Agent/Property Manager). 

1) 3% down conventional loans are Only for single family homes, not 2-4 units. 4 units are 20-25% down  2) if you don’t move in, without verifiable cause, it’s Mtg fraud on an owner occupied loan. 

Some lenders *might* be willing consider income from the property once it appears on your tax return, or perhaps once the property is stabilized, i.e. once it has tenants in place who have been paying a verifiable amount of rent for a certain # of years.

For some reason I thought it was 8lots because of the new meter panel that I’ve install is a 400amp service and the electrician told me anything pass 400amp is commercial, newbie mistake I didn’t verify so I went with it and with that system I can put up to 8 lots total(2existing and 6working-on).

You might be able to get $1400 in rent but the tenant will have no credit little verifiable income and you will have to budget a ton of money on each turn over.

@Edgar Perez A commercial lender understands where the money goes and know that “taxable income” is not the whole picture, if that were the case I couldn’t borrow anything, because on paper I’m pretty poor, my bankers are more interested in my PFS, Rent rolls, and the DSCR of whatever I’m buying, they really don’t care what my tax return says, they just verify taxes to help determine if you are telling the truth.

Before, we wouldn't ever verify the take out financing because if the deal made sense on our books it would probably do the same for the long-term lender.