The percentages are based on the number of financed properties: 2% of the aggregate UPB if the borrower has one to four financed properties, 4% of the aggregate UPB if the borrower has five to six financed properties, or 6% of the aggregate UPB if the borrower has seven to ten financed properties (DU only).

I would assume I would set up an LLC and we would determine ownership %s based on capital contributions or otherwise.

I think for our first purchase in Memphis, we would like to find a duplex so we can have a place to stay when we are in town and a base of operations. 

Work must be done with licensed contractors and completed within 180 days after closing.The loan is based on purchase price plus rehab funds, which are drawn down as work progresses.They also include a reserve 10% minimum for potential budget overruns.3.5% down is based on the total amount borrowed.You also have to pay closing costs, which are substantially higher than a traditional FHA loan.

makes it illegal for an owner to reject a prospective tenant application based on a criminal record!

I found Groundfloor financial after calling around and they seemed to be much more "asset based" than lending home.

You also have Randolf and Fort Sam Houston in that area so you have a very strong rental base.

I had to personally guarantee the loan.Generally, commercial loans are based more on the cashflow and quality of the investment than your personal income and credit.

All based on numbers.

If you are really going to settle on this property - you could ask the owner to give them a 60 day notice of rent increase - send this notice effect September 1st, (don't miss this mailing) raise the rent to the number you want - if the tenant agrees to accept the rent increase - great - if not - you would be in a position to eviction them based on the non-payment of the increase or they will just move - you may want to say in that increase rent notice that there are plans to improve their living conditions, supply new appliances and whatever you plan to do.Do this will help get what you want without vacancies and still have a tenant who will be happy to comply to the increase.Cash flow is King - don't kill the King.Charles