If you go hard money, you might be able to get a 70% LTV.

They need their own set for their requirements and not accept the ones in the FBI database - like WTF - what a money grab.

My suggestions:* Requiring code compliance and safety equipment is absolutely valid and should be part of the regulations* Requiring owners live within 15 miles is not necessary since poor hosts whether they're local or distant will violate the 3-5 warning system and earn a suspension.

However, there are other loans designed for fixer uppers referred to us hard money loans, bridge loans, or fix and flip loans but whatever you want to call them they're essentially short term, interest only loans with no prepayment penalties designed to finance a higher % of your purchase price and typically all of your renovations not to exceed a certain % of the ARV (typically 75% max). 

Each one with separate addresses and utilities.We originally put $585k of our own money into the project, and by the time we were ready to go to market in 2023 we were into it for about $2M (the pandemic really threw a wrench in our timeline and costs but also greatly increased the value).

Are you really going to argue that none of the millions of investors who own them have made any money?

The truth is if your investors have no involvement in the operations, If they just put in money and expect to get a profit, you have created a de facto syndication.2) I see a ton of people who just raise money for the syndication. 

If you have this debt and need money, you may not be preparing yourself for the challenges of being a landlord.

and guess what - that might be OK too - but only if 1) you're OK with spending that money and 2) the investment justifies it.

You’ll need an agent who knows the area well, a solid property manager, reliable contractor connections, and lenders if you plan to use private money.