While the details are too long for a post, I wanted to see if anyone would be interested or willing to give me some feedback on the actual structure. 

Once you start seeing the deals, I'd start with one market to actually invest before I branch out. 

I actually used to live in the area and self-managed all my properties while I was there.

Has the borrower actually received anything?

We've seen this soooo many times in our Detroit market:(Have actually had owners choose not to do business with us because their previous PMC didn't require it - so, they thought we were the incompetent ones.Have also seen incompetent PMCs wiring funds internationally to owners - and these owners not having an ITIN, EIN or SSN!

When I subsequently asked the tenant over the phone how many cats she had she said four, which is likely half the number she actually has, but is still a lease violation.At this point I feel like it’s pointless to even ask if the cats are neutered (and therefore less likely to spray urine on walls) because clearly she is willing to lie to me and her attitude seems to be that she makes the rules not me or the lease.

All this is, is a back of the envelope quick tool that gives you a very broad idea of whether or not an investment is actually worth looking further into.

Becoming a property owner.The hardest part about this right now is underwriting deals, remaining patient and disciplined.Outside of that, the actual details of managing the property are only hard if you do not have systems in place, delegate responsibility, and don't fully comprehend what physical asset investments require-- capex & opex heavy.

While other banks will allow 10 on credit and then allow you to switch to a DSCR or actual portfolio loan to free up credit.

(Example: from the time the county issued our D.O. to the time the actual building permit was issued, was about 90 days).