Looking for a lender that would feel comfortable with the value of property I already own (free and clear)Current or prior ownership of real estate: Currently own - Current townhome $250-275k (free and clear), Investment commercial warehouse $300k (free and clear), 50% owner in out of state (South Carolina) single family home $275k (free and clear)Occupancy: Current townhome occupied by us, will list for sale once we move - Investment warehouse is fully rented - Out of State home used as vacation homeValue of property at present and/or your offer price: We're shopping for a home in the $400-425k price rangeAfter repair value: $400-425kAnticipated or actual appraisal issues: Actual valueCurrent rents per month: N/A - Will be personal home, not being rented outFair market rents per month: N/aDown payment or equity: We will put at least 20% down, probably $100-150k down paymentSource of down payment funds, if applicable: own fundsIncome Source: self-employed (Retail) and more recently landlordGross monthly income (optional): $7,668.00Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc:  Maybe $400/month at the mostFICO: Excellent - 814 (TransUnion) as of 12/18/18, 810 (Equifax) as of 12/18/18 (via Credit Karma)Credit issues: No credit issues. 

When you find that person in your area it will be an excellent resource for you.

I just learned how to do it yesterday in Open Calc (a spreadsheet application similar to Excel).

This really is a great discussion and all who have responding have made many excellent points and asked great questions.

It will be an excellent payday.

Tackleberry and JWorley have excellent advice as well, but I did not have the money starting out and some could argue that I should have waited, but I was hungry enough to make it work.

I also read that Missouri is an excellent area to do this.

Excellent that your property is right near an exit/entrance!

I thought, wow, I should really incorporate those into my leases, as they are excellent proof and can avoid a "he said, she said" situation.

There are many critical legal issues to consider and address BEFORE you sign.Andy Argonaut has an excellent addition with option #2: Adding a substitution of collateral clause.