Trust, but verify.

We always let them know the next deal we're trying to get as early as possible, and verify we can get more mortgages thru them - we haven't hit the "ceiling" yet.

We verify the phone number.

That said, even our HMLs run a credit report, want to verify income, etc.

Can someone verify

However I am also asking that the seller verify the Rental Amounts, when they were last raised, AND VERY IMPORTANT, If Tenants are current and record of rental payments by date and amount for 2020.   

Regarding your residents "joke",  Have an open convo with him to better understand his thought process, inspect the property every 2-3 months to verify condition and upkeep and verify rent is paid onetime monthly.

The private lender would have second position on the property and you would need to verify this is OK with the bank (some banks don't want to deal with a 2nd position if they need to foreclose).

Have your HUD from the purchase ready on submission.Pay any payments to the new lender on time and use a check or some other form of verifiable source for mortgage history.Use a general contractor for repairs to the property and make sure you keep a list of what repairs have been completed.Cash for reservesThat should get you going.Stephanie

Upon resale, I would have your agent use the 2,800 ft and tell the buyers to verify.