One other potential concern that could arise in the field, is the basement unit in the case where it happens to not be unit which is "Legally Recognized" by the City.

I would highly recommend full background checks and ensure you understand the tenant/landlord laws in regards to approving and denying applications.  

Different areas offer varying qualities, but most hold investment potential.

This error in my calculation diminished my potential cash flow for year 1 and putting me in the negatives.

One property is a condo (in CA) that I rent out, and the other property is a house (in NV) that I live in and rent out the other rooms.I quit my W2 job last year to start a business, which is slightly profitable today, but I reinvest everything back into the business.I have a bunch of cash saved up and am comfortable deploying $100K into another property in Las Vegas ($80K down payment + $10K furnishing + $10K margin).The only problem is that I’m not sure how to finance my next house without W2 income.I talked to a few lenders about DSCR loans, and most say they calculate rental income based on the entire house, instead of by the room.I would love to get the creative knowledge of the BP community on how to fund my next home 🙏🏼I'm also open to any lender referrals 😊Kayla,You could utilize a DSCR loan with a lender that utilizes market rents or potential Short Term income as a possibility.

While considering raising the rent to reflect the market rate and adding an additional $100 for utilities, I find it challenging as we have built a positive relationship with the current tenants.As for our Studio (STR), I would appreciate any suggestions on ways to optimize the income potential of this space.

Determine how comfortable you are with potentially locking up assets for a long time and how much risk you can tolerate.Market Conditions: The situation of the real estate market might change, and this could have an impact on your choice.

They will call you each day, which is usually a good thing because you'll always know how your loan application is doing and they'll make every effort to close by the deadline—barring any unforeseen circumstances.

If they deem it unaffordable, they will try to negotiate it down and if you aren't satisfied then you can start the process over with another tenant. the 2k they are currently covered for rent can be an old number and one the past owner never bothered raising, but I would assume you would have to do your own application to be a landlord and I am sure the numbers used would be based on current FMR and the tenants current income level.. then again my knowledge is based on S8 St Petes Flordia, and you should call s8 housing authority to get clear and best answers

You set up the loan with the lender: you will need to send them some common things like entity paper work, executed contract, rehab budget, insurance, void check, an application maybe.