Some banks have different requirements, but two that I work with structure loans as follows:Bank 1:  is a local portfolio lender, requires a 6 month season period, does 15-20 year notes with 5 year variable interest, super quick turn around on refinancesBank 2: is a credit union that does commercial loans, doesn't require a seasoning period, but does require a lease to be in place, does 15-30 year notes, rates vary depending on note term, and they will allow a 10 year period before the rate changes, super slow turn around on refinancesI opt for option 1 because I don't like to be slowed down for 3-4 months waiting for a refi, but I also have a great relationship with my bank, and tell them what other lenders are doing and see how closely they can match the competition. 

Right now it is just open for 10+ unit properties but if it drops to smaller units it would likely get filled up quickly as a 40% reduction in taxes may be worth dropping rent in one 4 plex unit.

@Reuben Royal....Starting out wholesaling, I quickly chose pre foreclosure homes.

It is very difficult for entry level buyers to find affordable housing in Austin.The Austin market is quickly turning into a speculative market that I believe still has a year or two to go before the hammer comes down.  

What made my deal work was that the house and four-plex were located on the same lot (one purchase), they we largely remodeled shortly before the sale, it was off-market, and sellers were urgent about selling quickly.   

He had a lot of great advice, and seemed very quick and knowledgeable.

I have a quick question that I would like to pick everyone’s brain about.

The City of Austin recently passed a resolution to "educate homeowners who could get taken advantage of by low offers, with the promise of quick turnarounds."

Meaning, have all your Ducks lined up, (Loan Pre-Approval, etc) so you can make an Offer quickly, but also know if your looking in the right area & right price range - the market will deliver - eventually! 

I love the heart you have to succeed, and the fact that you acted so quickly on it is amazing.