Since the property is there, I can only do investor loans in AL, but from a consumer standpoint you can do Conventional, FHA, VA, and USDA as a renovation loan where you take the cost of the property plus the cost of the renovations as your purchase price up to the value of an "As-Repaired" appraisal.

They are working on a refinance of a private loan I am the lender on and I am just looking to see if they are the real deal or not.

Loan Options: Utilizing an FHA loan is helpful since it requires little down.

Make sure that your lender/loan officer is willing to get on a call with your lawyer to help out with any discussion/details to dial the agreement in as much as possible.

I am reading online that I shouldn't hang my EXP license until I find a good sponsor.

For $2,000 which was loaned to me from a friend for 90 days for $200, I gave an attorney a cashier's check as a down payment.

I have a good credit score, but I'm concerned that given I'm going to have very low provable income for the next 2-3 years and not be able to secure a loan especially with a low down payment.

It's true to factor in vacancies if more than one go vacant but it would be the same with brrrr since after you get more than property on a loan same issue.My goal is to replace my W2 income so I need more properties that produce cash flow.

.- Look for off-market deals that are much cheaper,  using hard money and then refinancing with a rental loan.- Find properties where the owner will finance most of it, so you only need a smaller loan with the higher interest for the down payment.- Take over a property where you can continue the seller’s lower interest payments.- Another thought to give why would you want to do a rental at all, I mean those terms are horrible. why not buy something else with a better return on invest?

It breaks even with a loan of like 100k-ish.