The idea is to purchase with cash, rehab it, rent it out, season and refinance, then pay back on the HELOC to replenish those funds.So I found a lender and went through the application process and we got word yesterday that they don't qualify.

The owners are an older couple who is willing to carry the note.

@Jeffrey Evans yes most banks require a seasoning period that can be up to 6 months.

what are you guys seeing in values of 30 to 50 unit older buildings that have been fully rehabbed..

I'm a seasoned Commercial Real Estate professional (Buy and Sell Side) and getting started with my own real estate business.

Gentleman,Since last posting I have taken your advice and looked into a few more things such as minimum 3X income vice the rent IDK what i was thinking and it totally makes sense.I looked into Quickbooks as well how do you like the mobile version?

The property simply wont rent for enough to cover the expenses.I could do this, and (best-case scenario) put about $35K into my pocket after 6 months of seasoning.

Coming up on tax season I would like to start setting myself up for success.

Hello, I'm trying to see to some health and safety issues for an older home in Petaluma CA.  

Also older property types might have knob and tube wiring or other not up to code electric issues.