You need to know about ARV and LTV and Ratios and competitive interest rates.

That you are converting the space and that you also plan on rent increases to stay competitively priced.After that, it's up to the tenant to decide if they wish to remain.

That being said I have mentored several people in my area and don’t look at them as competition.

If you are looking in older neighborhoods, it will probably under-estimate the amount of repairs needed and in newer neighborhoods it will probably over-estimate the amount of repairs.Thus, your offers will not be competitive on nicer homes, and your offers might be too high on older properties or ones in bad condition.Whether or not that is "dangerous" depends on what you do next.

its very heavy on all these different acts etc. stuff we just never come across in HML ing. 

Another bonus is that there's very little competition for these types of deals.You might ask how I know that...it's because I'm the speaker at that meeting. 

The draw back to these loans is that they are more paperwork heavy than the other "portfolio" types of loans...tax returns, etc....but if you have ever received a loan on your primary home, it's likely that you will go through the same type of paperwork here with conventional lending.

AK isn't as competitive market as other parts of the country, but if there's another investor in your area, chances are they have already mailed to the absentee owners.Consider combining absentee owners with other motivated segments such as Owners with Low Financial Stability Scores (FSS) or Seniors with Long-Time Ownership.

If things head south and landlords have to become more competitive, having a tenant-focused approach will better position you to maintain your economic occupancy.  

We are not in any rush (we have until August) and are willing to wait until the spring market brings more inventory but we would like to get an edge on the competition and be proactive if possible.