It will be a hard stop to refinance or get a new purchase loan- will need to be current and out of forbearance before you get final approval

hey all, I started a purchase back before c.v. on a multifam and got a preliminary approval for financing, but now i am looking at 30-40% lower income for the next several months at least and at this point am just not wanting to acquire more units (4) especially with 2 of them empty.

How long does it take to get approved under Section 8? 

Right now city departments are probably shut so you'll need to wait until they reopen to then submit plans, address feedback, and get their sign-off before work (I'm waiting on final approval on my permit in South SF).

Tenants who have been approved for unemployment are automatically authorized Section 8 vouchers with online verificationAt the end of the year landlords will receive a 1099-MISC for each property for the amount of rent received which is totally subject to depreciation.At the end of the year tenants will receive a 1099-MISC for the amount of rent paid on their behalf and subject to their tax bracket.This can all be set up online, is totally verifiable, and efficient.When you no longer qualify for unemployment, you lose your section 8 and landlords only qualify for rentals that have unemployed tenants and not those with the ability to pay.Again this can all be done online and is simple for both the Landlord and Tenant to understand.It is also the correct way to do it by the Internal Revenue Code.This SBA Loan program is a complete sham and is being run by the BANKS under guise of the DEPT OF TREASURY.I would get a lawyer opinion before I would do this, because not only are you going to go bankrupt you are going to wind up dealing with the bank secrecy act and treasury regulations in addition to the IRC.WARNING LANDLORDS YOU ARE PLAYING WITH FIRE IF YOU GO THIS ROUTE. 

When you call for pre-approval, tell the broker that two people are buying it and he'll ask for her info.

All of the state-approved contracts have language in them that along with the language in the USPAP, serves to artificially keep prices increasing perpetually.

I know that I could go to a title company and have a title to fill out then have it approved by my mortgage loaners.

With $500k I recommend a multifamily in an area where zoning an ordinances for running vacation rentals is permissible -- Miami Beach as a City leans on the side of the hotel industry most of the time and imposes fines for un-approved operators of vacation rentals.

Even after those things your employer has to “open it up” and approve it for their employees.