@Kaleena Felipe a good Operating Agreement should suffice.

Do you think an Operating agreement would suffice without having a PPM?

Suffice it to say that in most parts of the country, the process is relatively similar:1.) start by looking at solds within 0.5 miles (or within the same neighborhood/subdivision, etc.)2. 

So then while you may have some equity, it doesn't mean your debt to income will suffice to pay for another rental property.I've done 2 different things in this market: First option is to get a second lienholder on your rental.

This should suffice for proof of rent. 

Given being able to get rock-bottom rates (we just refi'ed ours to 2.75%) with 0% down and no PMI, this is huge in a house hack scenario.My questions are: 1. is this a local/lender-specific requirement or do all lenders have this when issuing VA loans, and 2. how much experience is needed, and 3. is it required to be shown on a tax return or will signed lease agreements suffice?  

I was thinking a $500 bonus would suffice?

@Mason KimballMy understanding is a business deposit account would suffice.

My next mistake with this property is that I did not know that banks wont loan out to individuals without a W2 job and if you are self-employed or an independent contractor, then you need 2 years of tax returns showing that your income is suffice for them to lend to you.

@David M.Just to add; If the cost of the flip is mostly cosmetic and under 10% of the purchase price of property than a vacant policy would suffice.