Example (let’s use North Seattle):1.Four-Plex A: 4 identical 500SF units rented at $1,000 a month ($2/SF).

If you're not a W-2 employee or have additional income you can try an alternative income verification such as bank statement deposit averages or asset depletion (if you have significant reserves or assets.) 

The dilemma i have is that I can’t decide if it makes more sense to embrace the c class identity this property gives the impression of, or put a lot more into the renovation, get better quality tenants and convert it to the B class property that the building (and the area) should/could be. 90% occupied, the yearly rental income is around 600k with 420k NOI. 

In a 6 unit building if I have 5 identical units renting for $900/mo and I fill the one vacancy very quickly for $1000/mo I instantly have more leverage to raise the others closer to that $1000 mark as well. 

I'm proceeding with employment verification - bureaucracy takes a day or two.

I too came across a deal almost identical to this not far back.

When I compared his math to mine, we end up at almost the identical profit margins, so in essence, we use the same formulas.Lets use this as an example:Purchase of $200,000Rehab of $40,000ARV of $320,000That is 75% all-in.I have 5% agent fees and 1.5% title/escrow/transfer taxes/misc for a total Resale cost of $20,800 - Lets round to $21,000 (I ALWAYS purchase a owners title binder on acquisition to cut my title costs on escrow, if not, expect to pay 2% total.Assume 12% interest and 3 points for financing, plus $1k in fees and assume you can borrow 100% of purchase, you bring $40k rehab funds for skin in the game.

I'd invest first, but do worry about income verification for a lender as well.

Thanks Matt R. so it looks like it's another version of a FHA loan but administered by a local identity rather than federal/government.Thanks for sharing!

Pick a name that represents the kind of person you are and the kind of business you want to be, not one necessarily about real estate.Build your brand and identity around your name.