HiJust random mortgage finance guy recommended from my current realtor who is newbie/told me that offer we put in was accepted by the selling agent and needed proof of pre-approval to move forward.Finance guy told me over the phone that whether I get the loan for $20,000.00 or 300,000.00  it will end up costing me around $3500.00, meaning even if I use my $50K cash I still need the whole loan process to get the rest of money. again, that is why I posted the question that if it would be smarter to just get the HELOC(which I need more time to get it approved) or traditional loan with benefits. at the same time, I did not want the seller to get a better offer over the weekendHad I thought this through, I would have gone to my bank and got all this taken care prior to putting an offer....plus my newbie realtor told me that it's all good, no worries, your credit score is so high... but I needed the proof of my loan approved real quick but everything was closed over the weekends.

But if the loan is in the name of an LLC/S-corp/C-corp/etc, then it would not count against you.*** Moderator - Not soliciting.

Someone moves a dresser, or bed, scrapes it, they won't care... sorry, mark my words, accidents happen at any income!   

It seems that % of ARV would be more a fixed variable and allow more of an apples-apples comparison when estimating cash flow based on various rent prices.

Advice: Treat it like a business as much as you can, even though house-hacking can feel like a hobby, stay organized, and take care of your property and your tenants (pride of ownership, people notice this), for all properties but especially for househacks.I definitely think the pros outweigh the cons, especially folks with flexibility of time and lifestyle.

No one cares about your money like you do. 3)  Discuss expectations with your JV partner. 

Also I️ like the idea of an FHA loan and starting with one property to see how it goes.

As you’ve done more deals, and carefully documented them and the results, your track record will speak for itself and will be a key element of establishing trust amongst investors that don’t already know you. 

2) I am very conscious of an economic down turn.

If the total number of properties is more than four, you may have to amass substantial cash reserves before you will qualify for conventional financing for your fifth through tenth acquisitions.Once you have launched your acquisition plan, the income taxes tend to take care of themselves.