@Akinbowale AjiboyeMost lenders will not lend in second position, and the ones that do are usually going to require a much higher return than 2%-5%.

@Roy CleevesWith power of sale they are required to get fair market value.

I'm wondering though, if I market them as lease option/rent to own, will a PM show the property, handle paperwork including the option contract and then manage the property or does that require a real estate agent?

I have some property’s I’ve acquired through house hacking and traditional financing but want to try something that doesn’t require a saving for a downpayment for each purchase.

01) Property Info         01) Insurance (at top as most important)         02) Property taxes         03) Deed & Title         04) LLC Docs (if any)         05) Purchase-Sale Docs      02) Utilities      03) Maintenance      04) Leases         Lease Name Folder            Application Docs      05) Advertising      06) Rental Licensing (required in most of metro Detroit)      07) Inspections      08) Appliances & Mechanicals

Every lender has different requirements.

This is primarily due to high interest rates and a very wide bid-ask spread between what sellers want for their property (the ask) and what buyers can conceivably pay (the bid) while being able to meet their return requirements for their lenders and investors.

Some carriers will allow you to elect ACV (actual cash value) coverage, but you have to be aware of lender requirements and coverage concerns that come with this type of policy. 

Is there a seasoning period required before a heloc is given and how long does the application process typically take? 

There were a couple of things that I required in the units in order to move forward with this deal.