I will offer less than the $200K its advertised for, trying to get it for $190K, which will improve the free cash flow and ROI slightly.

I will offer less than the $200K its advertised for, trying to get it for $190K, which will improve the free cash flow and ROI slightly.

It will be tough to qualify without a lot income to show but it will depend on the loan size (you might not be able to do FHA 3.5% but you can put more down to lower the loan amount and improve your DTI).

Definitely consider an LLC now, it will improve credibility on your first deal in presenting an LOI or even approaching a broker/vendors, lenders, etc.

Here is one that is currently going around in my town of Waterloo, IA that i think could be a big deal for landlords:The Community Development Waterloo, Iowa Lead Hazard Control Grant completes improvements to your home to remove lead based paint up to $40,000.Both owner-occupied and rental homes can participate.Your home must have been built before 1978You must be income eligible & have children under the age of 6 who reside or visit frequently.This money can be used to replace windows, doors, or siding with lead-based paint.

My partner @Paul Dante Pronio and I are forming our first joint LLC and have a quick question about EIN filing.

Now, with a diminished supply being fought over for increased homebuilding and improvement projects, the wood you need for that Little Free Library project will cost you 250 percent more than it did last year.The upshot: Suppliers weren’t convinced that the construction industry could withstand the pandemic until 2021; they’ll need time (perhaps till 2022) to ramp up production enough to meet demand.

Simply say HELOC is for house improvements & leave it at that.   

A couple things to consider would be to possibly move car debt, personal loans or cc debt over to your husband (assuming you aren't joint) to loosen up your DTI.  

Found this place that needed some work done, but has lots of bedrooms and cost was similar to much smaller properties with minor improvements.