so if you fail they don't have to foreclose? 

To qualify for the 550 you will need the following; Purchase price has to be at least 50k total loan amount has to be at least 100k.Rehab cost can't exceed the purchase price Credit score at least 550, tax returns not required, all other docs are required.The 600 program Purchase price at least 20k rehab cost at least 10k Credit at least 600 with 3 tradelines and all required docs tax returns are not required All programs require at least 15k liquid asset to be shown in bank account prior to applying.

I started compiling a list of private lenders by going to the county recorder's office, looking at the 1st page of the deeds of trust that were recorded, and writing down the name and address of anything that appeared to be a non-bank in the section "When recorded, mail to:" It was tedious and took me about 4 hours to compile 50 names.

Hi Cameron, I've worked with plenty of Brokers and Banks for my buy and holds.

5) Can I claim the bank loan interest in my taxes?

My experience with the big banks is you will run into low-level bureaucrat types that are annoyed with you calling.     

It's common for beginners to fail to calculate their own time.

This is why mom and pop I like for them to have some net worth so if business is failing and say remaining lease has 300k on it but they are worth 750k with personal guarantee then I have seen before early termination with the lease for 50k.

I need to refinance out at 75% LTV, and find a bank who would lend @ 5-5.5% interest.

The reason you hear so many horror stories about PM is because Landlords fail to research and screen.