I also like that it’s automated so once you and the tenant set it up initially, you don’t have to do anything each subsequent month.

So long as you can support the payroll data with documentation and you certify honesty; and subsequently use the funds to continue paying your employees, the same amount you are listing on the application, then your loans will be forgiven.

I am attempting to locate, purchase, and subsequently occupy a single-family home here in Enterprise, AL.

Subsequently as a result of talking to two of the larger institutions they cannot underwrite because of this.

Second, HELOC have a much higher debt service than an amortized loan, so your DTI is going to get eaten up quite quickly making subsequent loans harder to get. 

They will not issue a CO if the unit will be over-occupied, and if the occupant count goes up subsequent to the issuance of the CO, the owner would probably be fined (they fine us for everything else when we run afoul of their statutes, so I'm assuming this would be no different). 

I only throw it out there as an extra push to get your first or subsequent deal done.

If I acquire a second house subsequently, rehab it, rent it out (past the "seasoning" period), and try to refi it to get some money out to repeat the process, will I run into issues with the mortgage on my first home when the lenders see that I do not have income from a job to pay for the first mortgage, thus will refuse refinance of the 2nd house?

@Steve Smith  You are wise to ask this question now because if you allow tenants to deposit rent directly into your bank account, and you ever had to serve them with a 3-Day Pay or Quit Notice, you would need to know how to respond if they subsequently deposited partial rent. 

In the case of smoke detectors, it may be worth following up with another inspection, and subsequently eviction for noncompliance with lease terms.