With the new lending rules, banks have been even more aggressive when asking for additional paperwork to support large deposits.

Another thing starting off, the two year employment rule to count income can be waived for a new graduate out of school working in their degreed profession with a letter of continued employment expected, that might help later on. :)

If you add the new tenants, will you trust him to follow the other rules?

You only have one chance to make a first impression, and MANY real estate buyers will base their decision off that first impression (I did when I bought my first personal residence).So, if it's only half-finished -- or even finished but not staged -- I prefer to not let anyone see the property.Now, there are two exceptions to this rule for me:1.

I have actually had applicants rule out a property because it had an electric stove.

Especially when I see a million signs around with a million different agent names on them.I got into the classes to learn more about real estate and some of the rules so that I could invest in buy and holds.

If you plan on obtaining more real estate prior to the tax returns getting filed and therefore have no rental income reflecting on your last schedule E then you may need to tell the story such as you have done here and show them past reservations, etc. in order to justify the likelihood that the income will continue.

Anyways, I'm curious about the rents, and what they would be running it through the 50% rule.

If I leave you with nothing else, some rules I live by are don't buy a buy and hold and count on appreciation, buy it for monthly cash flow.

With that being said, it comes down to the usual rule of "Location, Location, Location".Merrillville is better, but also has some better areas than others.I have holdings in both areas, so if you want, connect with me, we can discuss the areas and the strategies.