Eviction History: No prior evictions are permitted.Requirements to consider: Background and Credit Check: A clear background and credit check is required.

I used a personal line of credit of $8k to invest.

Umbrella Policies are good, but they are not an asset protection tool, they only cover litigation/damages after you’re already in litigation or found personally liable.

This ensures that any payout for damage or liability can be processed more smoothly, and it can help protect your interests if something happens on the property. 

I would send a lease violation notice that advises the tenant that they have violated the no smoking provision of the lease and that it needs to be cured immediately - to include complying (not smoking) and remove any odor/damage that may have resulted.

And don’t sleep on local banks or credit unions—they sometimes offer flexible portfolio loans that could work for a deal like this.Since your wife qualifies as a first-time homebuyer, check out any state-specific programs or HUD options for down payment assistance.

For a cash out refi, you are generally limited to 75% LTV and rates right now are in the mid 7s for good credit and a DSCR over 1.0. 

You might find a local credit union or community bank that will go to 95 -100%.At one point I called 2 different VA Regional Loan Centers regarding this section in the VA lenders handbook:Assumability - The second mortgage should not restrict theVeteran’s ability to sell the property any more thanthe VA first mortgage.

Tyler,Within my 20 years of experience as a landlord, if I had $150k and good credit, I’d focus on either flips for fast capital or rentals for long-term cash flow—trying both at once can slow you down.

Similarly, a credit report fee upfront is reasonable, but these can often be avoided as well.