Too bad he has never cried.3. 

If you have good credit above 740 and have 25%-30% to put down it’s really not a difficult loan process. 8 Units typically will offer a 1.25% DSCR ratio which is required in most cases but the approval is going to be based on the rents.

After calling them I got the bad news.

A bad CPA will cost you a lot more than 4k. 

I’ve found 3 local credit unions and two other banks my real estate agent recommended. 

I would rather be negative cashflow now than stretching a bad property to get me $100/month.

Some of the reason folks have bad luck with the contractors they choose is they want the deal of the century. 

If you told the bank you were using the HELOC money to buy a rental they wouldn't give you the line of credit because there are way to many inherent risks. 

It's not a bad thing for those types of properties and operators to be weeded out (in my opinion).

Something we are currently cautious of is since this would be our first tenant, we are taking on an additional amount of risk due to credit & background would be unknown.