Curious if anyone has done an income verification, and yet still had a tenant who couldn't produce 1st month's rent and security?

Get on a high producing team as a buyers agent.

I just did a 1031 transfer of 125k this past Jan and turned it into 3 class A rentals for my parents . 7-9% cap rate brand new houses or 10 years old that produce approx $900 a month with 3k paid off.Althou I am sure you could do more, we buy high class rentals so we can manage them from afar both working.My husband and I are in our mid to late 20's duel income make low 6 figure combined.

You get 30% of what it produces after all expenses.I'm assuming there would need to be some sort of exit strategy or buy out provisions written into the deal, such as no buy out for first 5 years but after that, it's at appraised value?

I now have a unit that is producing income with no one in it and I'm able to go in and clean, make repairs, upgrades etc.

If your numbers work out, this plan is brilliant.You should walk out with a few thousand in your pocket plus a nice rental producing about ~$200/month.

I guess they need to give you some new "innovative ideas" to justify their program price.

Cash flow not real high but having an asset produce $15K a year when I'm 50 sounds good.I'd go fixed as well.

If i were you, i'd get my license, be an LPA of a top producing agent, and invest on the side till you can take it full time.

I currently own one property free and clear and it has been rented for about 6 months now and is producing a good cash flow.