Originally I put 600 credit and higher, but quickly found out that most people have 500s.

You may find a lender who would give you a line of credit on the equity.

@Ari Bildner and @Basit Siddiqi - If you are looking for summer homes/rentals or Condos in AC I have a really good contact that specializes in mainly selling those types of properties.

My wife and I currently have an investment property in the Elk Grove area with 140k in equity and a home in North Oak Park with 90k ish in equity that we're currently airbnb'ing but would prefer to not have to go through the hassle of refi or pulling cash out with a traditional bank/credit union.Both have credit scores in the high 700's, low 800's and debt to income ratio of about 25% with a potential of being closer to 10%-15% if my wife finds out she passed the CA Bar this upcoming Friday!

The exact application can get complicated and there are many exceptions (e.g. restrictive covenants in employment contexts have special rules).

Are there any special things we should put into the contract that we or the lawyers might not think of? 

This deal we are closing with private money, rehabbing with a line of credit, and then will rent and refinance.

I still have a day job, I'm a real estate broker and have been for 23 years, but currently specialize in Glass boxes in the skye in Downtown Chicago. 

B.C. residents are also eligible for up to a $2,000 tax credit against this tax, effectively exempting the first $400K in value of the property from the tax.Tenancy Rules (tenant focused): There's a bunch but basically,Restrictions on deposits Restrictions on rental increasesRestrictions on evictionsProperty Taxes - We have those too!

The general terms would be 10% down by home buyer, 600+ credit score, 9-10% interest rate to home buyer, and legally originated by a registered MLO.My question is this: From my reading of posts and other research, the current yield on something like this a note buyer should expect is around 9-14% or therabouts.