It's a fairly easy process and the bank works with you on the purchase to handle the funds through the 1031 exchange.If you have any specific questions feel free to reach out I am always happy to talk REI!

Full doc, 20% down on purchase and rehab, hard credit pulls, for a loan you intend to get in and out of.

Here’s a quick overview of my situation:•I purchased my first BRR rental property for $81,000.

The purchase price is 225K and property was built in 1910 around the Harrisburg, PA area. 

I reckon my situation is a bit different since it's not a typical 9-5 and I was self-employed but I enjoy doing both. 

@Bethany Travis, the short and straightforward answer is to pay a real estate attorney to draft a purchase and sale agreement with an exhibit to assign the contract.

I am currently looking to purchase an investment property.

He has all the numbers and can show you how purchasing a home on a 30 year mortgage is wasting 100's of thousands of dollars because of interest, etc. 

Overall, the state is quite overpriced, mostly due to the Texas hype.Based on your description, I would guess you are looking at a purchase price of $325K and rental of $2000 or so. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).