Hey Christopher,I provide EMD and Double closing funds for Wholesalers.

Hi Doug, Thank you for taking the time to thoroughly provide information, and the website 'Mortgage News Daily' is very helpful.

If you want to enter that STR market you will need a lot of amenities and theme to keep up so furnishing costs could run 100k with modifications to support getting closer to the top in a tough market if it's not one that someone else was running.In terms of the cash, it gives you leverage on the buy, but I don't think you will like what you see on rates with a DSCR for STR if you only have 3-6 months of activity.

Most of the time, one lender can not provide ALL the good stuff.So yeah, this is helpful, was hunting for good lenders and brokers

I would take debt provided that there is no balloon, no rate reset and repayment is within 30% of my income. 

I know there’s a guy named John Fedro who had (has-don’t know) a course for how to provide owner financing and I believe had a way to do it legally.

There shouldn't be double taxation because rental real estate normally operates at a tax loss.The potential time that there will be a tax consideration is when you sell the property.However, your resident state(MN) will provide you a credit for taxes you pay to a different state.This will avoid double state taxation.In general, California state taxes are higher than Minnesota state taxes, therefore, you will be paying the higher of the two state tax rates, which is California.

We invested about 20K in repairs and did the work ourselves.We were left with a home with LVT flooring throughout, a new kitchen with granite counter-tops, new cabinets, and appliances.

Bank Statements: Reviewing bank statements can provide additional evidence of consistent income and display how much cash they have in reserve. 

I’m simply providing some insights and opinions based on data I’ve collected.