It’s paid off, I would “like” to leave it that way & maximize the cash flow while paying down the heloc between the rental & other income.  

Be sure to: call & verify employment references, request pay stubs to confirm income & check rental history by contacting the previous landlords.Keep the momentum going!

Jimmy,You need to show (2) years of 1099 SE income in order to use FHA, or traditional financing to get approved for a mortgage.

At it's basic level:Assumption: Asking the bank to turn the loan over to you and going through the normal underwriting process, credit, income, DTI ratio etc SubTo: Taking over the loan without telling the bank, no underwriting, no credit check, no income verificationBoth have risks, but it's not my intent to be detailed in this post.

Right  now  there is one @auction.com that is going to start bidding in North side of Lake Okeechobee give it a look'  I'm looking at it too I think it would make a great medium income Mobile Home Park for retirees who want to go fishing in Lake Okeechobee. 

For your scenario, a DSCR loan could work well if the property’s projected rental income can cover debt payments, but most DSCR lenders don't include renovation costs directly.

Quote from @Jeff Roth:Monthly rents for mid-term rentals are about 20% (+/-) higher than unfurnished similar long-term rentals.I would not base the income potential for a MTR on a rule of thumb.

Many of these are low income, government subsidized housing units.

Friendly reminder that loan guidelines typically allow you to use the theoretical or real income from the other unit (the one you're not going to occupy) to help you qualify for the mortgage.

They choose to because we earned it.