These CPAs have their own companies and are taking a pay cut working with WealthAbility in the hopes of gaining wealthy well-vetted clients.

I figure if I went with the unsecure loan I can purchase under that minimum loan amount that the HML requires (preserving my 30k in capital vs using it as a down payment).

Sadly, idiots usually nail a tack strip at the edges to hold carpet.

@Jack LittleThere are standard templates from Fannie Mae but I would have an attorney draft these documentsThey can be held (the lender) through a deferred retirement account but make sure you are using a third party servicer to collect payments

I am responsible for a pretty large mortgage payment and only my employment income to pay my mortgage in all the bills.

Hey everyone,My friend and I are partnering on a deal in Atlanta where he brings 100% of the up front cash (i.e. 20% down payment and $50K-ish for a rehab) and I find the deal, manage rehab, run numbers, and am the brains of the operation (and I manage the buy/hold on the back end) and assist downstream with refinancing.

Of course, the rate can be slightly steeper than the conventional loans where it is a full document loan, where they need to qualify you based on your income.Alternative way, is to acquire the 2nd property as an investment property with conventional, while putting 15%-25% down payment.

Quote from @Kevin Sobilo:  My leases state that any monies owed are payable "as rent" so that if they do not pay that damage bill I can simply choose to evict them for "unpaid rent" which is simple and cookie cutter.FYI this is not legal in Colorado. https://leg.colorado.gov/bills/hb23-1095 prohibits "A provision that characterizes any amount or fee set forth in the rental agreement, with the sole exception of the set monthly payment for occupancy of the premises, as "rent" for which all remedies to collect rent, including eviction, are available"As for the $600 faucet... it sounds like you just called up a random plumber and told them to install a faucet.

Or possibly butly something smaller to live in now keep existing as a higher end rental........I pushing the creative side to help cut that mtg payment.....We have house hacked in past and was very useful at the time.......

Depending on the loan product used - to purchase a non owner occupied investment property you will need a 15-20% down payment plus closing costs.