Hoping someone can explain or walk me through the logic and pros and cons of waiting for 1 to 2 years vs buying something now and potentially trying to exit in three years versus holding it a little longer to tide a bad phase if it does occur.

It's not out long enough for a bank or credit union to see return. 

They will take a percentage of anything they collect and there's no guarantee they will collect anything.An attorney may be able to assist you with collection action via wage garnishment or bank account garnishment.

Also, If I am house hacking do I still need to have a separate bank account?

@Melanie HeigesOkay. that makes sense.You have a few choices for flips:your own cash, or cash pooled with other investors.hard money or similar private lenders.You don't typically get a traditional bank loan for flips due to the condition.So, you would either get hard money loans that will lend for distressed properties or use you own cash.Hard money lenders base their lending on the project, not on your personal finances.

What you will run into more though is that the bank/lender will tell you "no", because it is in their rules, not Fannie's.

Quick execution, fewer hoops to jump through compared to banks. 

I am trying to acquire more properties for my portfolio, but the banks will not give me a pre-approval for a loan with any of my units vacant.

They won't even hear me out when I attempt to show how the banks do it.Anyway, I'm here to talk notes anytime, or sell notes anytime. 

Hello everyone,I saw an AD that was in my email with Biggerpockets (Finance Of America) I called and got a rep when we asked for his NMLS# he told me that he is an employee of FACo Umbrella Commercial Lending N.O.O and his NMLS# only reflects his previous employment at a bank, and Commercial lending does not require a NMLSThey do loans for fix and flips, buy and holds.I want to make sure of who we are dealing with.