My plan was to rent for a few years with an exit strategy to sell at $100/sf in 3-5yrs so this changes my anticipated gain from $50 down to $25.  

Every deal is different for each investor depending on their strategy, experience and resources.

@Brice PooleCome up with a operating agreement that includes entrance and exit strategies for each property you purchase. 

You don't need pre-approval or anything that formal but at least know that they will refi the property given an appraisal.For further research, read up on the BRRRR strategy (Buy Rehab Rent Refi Repeat).

Just trying to get a rental property using the BRRR strategy.

Just trying to get a rental property using the BRRR strategy.

I'm open to both performing and non-performing notes for residential, MF and NNN and wanted to see how you narrow down which notes to seek.I know everyone has their own preferences and strategies with qualifying notes so I'm hoping you'd be open to sharing whatever you're comfortable with. 

Rates are on the rise, and you don't want to be stuck paying those interest payments with no exit strategy.

Otherwise this strategy will probably not work.  

Just trying to get a rental property using the BRRR strategy.