Hey Ben, we closed about 4 weeks ago- been doing cosmetic updates every weekend since then and should be ready for our first rental in October!

@Nathan FrostThe advantage - some will do 90% and 100% construction but recognize your signing a personal guarantee and will be paying 10-12%+ for interestBenefits of a private lender are speed to close, creativity in cross collateralizing etcThere are a lot of people on BP that think oh private lending is less strict than banks and easier to get.

Reliable income comes from tenants who stay for many years, pay rent even during economic downturns, and maintain the property well.

Often, I have borrowers make an LLC during underwriting so they can protect themselves post-closing. 

That being said there are still close to 1% deals on the DFW MLS (I just sent 5 to an investor to check out) and smaller markets that are cheaper on the front end but have a good rental base because of a college or military base are good places to look.

We just put an offer in on a riverfront one bedroom cottage on a half acre property in Oregon that we expect to be accepted, here's how I plan on purchasing the property with less than the cost of an apartment rental deposit in SoCal:Purchase price is $330k as a FHA Primary Purchase with 3.5% down ($11,550) and a 2.5% ($8250) seller concession towards closing costs.

Is there a way around this besides double closing or off market?

Have all the paperwork signed and once the house closes, he can move into a hotel until he finds a place to live. 

Your best bet may to be to look for a HELOC or Closed End Second Lien on that property to take out some equity

And only 1 of them is of a known brand (American Standard) and it's close to $700 and has a 1.28 GPF rate, which I don't like - prefer 1.6.