@Brandon Johnson in general you would provide a lender with details about yourself, your experience, credit, the property.

If you want to learn the game, go manage some accounts for another operator.

@Trent Stevens Keep working on your credit score.

All figures are generated for illustration purposes only and do not reflect actual figures of any of our current/past transactions.Questions:1-If our debt package requires 3 months of prepaid P&I ($15,000), should we increase our Sources & Uses schedule to account for this figure, or do we anticipate the property to perform & simply borrow funds short-term from ourselves or 3rd party credit until operating incomes can pay back the short-term loan?

The borrower has credit union loans in first position.

@Jacob Zivanovich I think the strategy of not telling tenants comes from someone who is worried they won't be able to keep strict boundaries or have hard conversations to hold tenants/roommates accountable.

Besides having to account for a property management company, are there any other major factors that come into play when investing outside your local market?

So it would be a 12 month interest only bridge loan that would give you a little cash from the existing equity in the home, plus an escrow account that would reimburse you for work that you want to do to the home (assuming the work adds value to the home). 

I would do a loan with as little as 3% down and leave the rest of the cash in an interest bearing saving account

Hey @Jeffrey Stocker,As accountants on BP, we are not allowed to self-promote.