Conventional Loan How did you add value to the deal?

Then any rental income you could obtain from that property could be used as an income source for loan pre-qualification.

They couldn't get a construction loan and were constantly blaming the cities being tough on their permit process.

Let's say you borrow $100,000 to pay off your $50,000 IRA loan, $25,000 on credit cards, and keep $25,000 for finishing renovations.

You can create furnace filter size, when XYZ got installed, lockbox number, etc.

Step 1: Ensure you can get financing (is it a cash purchase or will you need a loan). 

Depending on the flooring specs you *might* be out of luck because a lot of LVP/laminate type flooring specifies on the install that straight runs will be no longer than X number of feet and room changes will be installed with a transition.

I was told the reserves are a requirement of the REIT loan that we have.

In reality, it’s pretty rare to find a DSCR loan going up to 95% LTV.

So we would have to get a loan, pay off the seller and transfer title and then wait the seasoning period before doing a refi unless there is a bank out there that will treat it as a refi off the bat