There are several lenders who lend in the USVI and Puerto Rico.

U did not comment on the high priced markets compared to low price markets ?? 

Don't forget to compare prices and read reviews to ensure you're getting the best deal and quality.

@David Shelby check with your lender/servicer because you can often Quit Claim the property deed from yourself to a single-member LLC without vilating the mortgage due on sale clause.

So, why did that one lender say 7 was the limit? 

Why its so important because the appraisal better come back with at least 20-25% equity left over so you can pull the money you used to purchase it and do the repairs.That said, you can use cash, get ahold of a hard money lender ( most expensive option), or get seller financing.  

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Trust the process.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

.- We have started the pre-approval process with a lender and have a realtor we're working with to purchase the houseInvestment Strategy:- Aim to maximize cash flow while seeking appreciation.- Ideal cash flow target is $2K+ per month.- Planning to allocate the remaining $250K towards purchasing two properties in the Midwest market (e.g., Cleveland, Columbus, Indianapolis, Kansas City and open to exploring new areas where the entry point is affordable but the cash flow is stable).- Seeking properties that can generate $2K+ a month in combined rent after factoring in property management, insurance, and property tax expenses.Seeking Advice:- Would purchasing two houses in the Midwest to achieve $2K+ cash flow per month be a sound strategy, or do you recommend alternative approaches?

So I'm under renovations for my first property and I used a conventional purchase and renovation loan, not knowing how tedious the draw process would be for me and my GC, but saw it as the most convenient way to fund the renovations.Doing our best to communicate with each other to ensure a smooth draw (fill out work completed form, get inspector out, review from both HUD Consultant and lender, send for signatures, 3-5 days of processing).