Condotels generally require a minimum down payment of 20%, which all comes down to the condo financials and the condo questionnaire once under contract as to whether or not more than 20% down payment will be required.

Details below...We need a FAST cash-out loan product that requires only the personal guarantee of my business partner (60% ownership) to be used for: completing the remaining rehab and getting the 1st house rent ready, paying off revolving credit accounts to get her credit score up, and funding the other projects we have in the works.To help bring you up to speed on what's transpired over the 11 weeks we've been in business...We started our business on Dec 1, 2023, leveraged our "then" good credit/high w2 incomes to bootstrap the startup, assembled a rehab team, and are now about 2 weeks out from the completion of our 1st rehabbed property.We've closed on 3 properties, all owned free/clear, and have paid for renovations with personal funds/credit.My credit score was 810, but is now 592, due to excessive debt but 100% on-time payments, therefore can't personally guarantee a loan.My business partner's score is currently in the 700s, but likely wont be for long, due to her revolving credit % continuously increasing, as we push towards the completion of the first rehab utilizing her remaining credit on her CCs.Recently, I started researching the underwriting timeline for DSCR loans. 

Look for properties that require minor renovations or improvements to increase rental income and property value.

How is required capital to buy & maintain a property positively affected by S8 program? 

second question the answer i believe is Yes, if you have net rental income from a rental property located outside your home state, you will need to file a nonresident state income tax return in that other state (if you meet that nonresident states minimum filing requirements)  https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-got-rental-income-from-another-state-do-i-have-to-file-income-tax-for-that-state/00/316523i currently live in ca and had to pay a small idaho income tax for my properties thereand no i dont think you are not taxed twiceas far as other pros or cons... id say you can pretty much find property to invest in no matter where you are. 

Especially since I understand this project requires a variance.

Real estate absolutely requires a team.

- Will this loan require credit pulls and banks or can this be done with a simple contract and an estate attorney? 

Using the BRRRR method, normally requires you to hold for a while until you can get refinanced, is that right?

@Mike BossIn California I believe it’s $800 a year and rack on what your cpa will charge you and you are gonna run a $2k bill to do a LLCIf you are fixing and flipping lenders may require you to have a LLC.