Sometimes I wish the lenders in my state were available in other states where I do rehabs because they can do things like close in 2 days, fund same-day at auctions, cross-collateralize other properties that I own for down payment, 100% financing, etc.A lot of people think that lenders shouldn't care about a borrower's financials if the property has good equity in it. 

That's because there's no guarantee that the fantastic one million-dollar deal (or the financial environment for it) is going to be waiting for you one half years later.

My short term goal is to own 7 cash flowing properties in the next 2 years and long term would like to become financially free and escape the rat race.  

Lastly, since everybody has different investing goals I'll leave you with this: Even if my return is zero or even somewhat negative during the repayment period, in 15 years (actually quite less on many of my properties now) once the properties are paid for and still generating a ton of cash is when I will enjoy the returns...I can see it now, I am 60 years old traveling the world with my wife and not a financial care in the world, and when I am 80, my kids  saying "Dad, your so cool, we're really glad you bought those houses"Cheers, Lawrence

I will be seeking financial partners and I will need different options for contracts.

It was the best financial decision I ever made.

@Sandeep Gangadhar Property Management is probably the most important member of your team, since they represent you in front of the customers, in front of the contractor, in front of legal, they also collect the rents (financials)..etc.

Still, owner occupied rental property is a great way to get ahead financially, regardless of what you call it.

How are the financials?

It’s normally an older person who has inherited the house and can’t financially handle the maintenance and repairs and usually tax-delinquent.