Does anyone know of a lender that will lend based on value  without the down payment?

Hi @Elizabeth Lester-MedadoWe are based out of Clinton Township and have a large number of fully turnkey single family rentals available in the surrounding areas.

It appears the units are below market, however with some cosmetic repairs and perhaps some capex's I feel I could increase the rent by at minimum (based on local comps) 68%.I would offer 85% of list and estimated $20,000 in repairs/upgrades (this is probably a generous estimate - the property appears to be in good shape, basically needs a face lift).With all these figures, including the 50% rule, financing with 20% down @ 3.5%, I come out to a profit of $262 per unit and a cash-on-cash return of 9.53%.So, does this seems reasonable?

My question though is that if the most recent property tax is based on the previous sale price, if your purchase price increases dramatically then wouldn't you get a huge spike in taxes?

Perhaps try an Asset-based Lender, who may lend up to say 85% of THEIR appraisal, but, I don't know if they'll still lend that same number of dollars IF your purchase price is significantly lower? 

I'm a real estate investor based in the San Francisco Bay Area.

I had not had any problems with them before and I had qualified them based on the husbands income, so I did an addendum to remove a resident and had them both sign it.

Hello @Jeremy Geyer,Do you have rental properties near Jacksonville or the Little Rock Air Base?

I'm considering walking away from this deal but the property is about due for a price drop based on days on the market so I want to fully explore my options before we walk away from it.

I don't understand why you were told to prefer NC over SC just based on property taxes.