I have two applicants who aren't even close to the credit requirements, but thankfully I put those on the site before they applied.

@Pavel Jiltsov I rarely look on BP for anything anymore because of the quality of information, a lot of armchair quarterbacks who aren't actually in the arena operating (don't actually own/operate said asset type in said jurisdiction that they comment on) - and the same talking heads are (IMO) wracking up comments for business development reasons. 

They aren't common equity owners - their IRR is capped - which means it's relatively simple to handle a chunk of the what-ifs that come up. 

They might mean well but they aren't professionals and have their own limited ideas.  

Leveraging is great, just make sure you aren't stretching yourself too thin.

They hold it in escrow.If the seller finds out that you'll be entitled to the commission they may come back to you and try to work something out so they aren't potentially paying more in commission.

Every Lender is going to be a little different, with no background they aren't going to give you much benefit of the doubt. 

It sounds like you are looking for someone that has experience working with investors, maybe even is an investor themselves, that can help you find some properties that aren't a tear down, but also aren't priced just under retail cause all they need is some cosmetic fixes, right?

This can also include documentation of rent payments.Up to two years of tax returns, released to the lender via an authorization submitted by the buyer using IRS form 4506-T.Recent pay stubs and contact information for each borrower’s employer.

You are on the right track and it's great to see you starting early.I think one of the best ways for you to get started would be to House Hack.If you aren't sure what that is, picture a Duplex.