@Schuyler Covert you need to have an attorney draw up the loan documents.

SBA 504 loans are easier to obtain for investors starting out however they are full recourse.  

You either pay cash or maybe get a hard money loan which is expensive and then refinance when the rehab is done into the long term loan you want. 2.

Is there a lender oe LO who's able to do a 203k loan with a total loan amount of 63k to 70k? 

I never got around to it because of some roadblocks:1) I was told if I add a 2nd level, I would exceed 1-4 multifamily loan and would require a commercial loan.

We have about 100K in equity and have some cash on hand but not enough to cover a 20% down payment, loan costs, and rehab costs so the HELOC or second loan seems to be needed for our first deal.

Hi Pafoua-I have dozens of options for DSCR loans with 620 credit that only go off the rental income, with consideration for your equity and credit score.

And I can't count the number of times I've seen them deny a loan at the last minute because of this when people try to use primary residence money to complete a 1031 exchange.1.

The loan was for 260k.

You have a legal right to transfer your property to your trust and the lender can’t call the loan due (per Garn St Germaine act)