I’m a local contractor new to investing, I created a partnership with my wife’s father and we are about to close on our first multi family with a conventional owner occupied loan in my father in laws name.

They offer a renovation loan that converts to a standard mortgage upon completion of the project.

Will you be asked to sign on the construction loan? 

Is finding a bank to loan me, the only option? 

Some more info on DSCR loans:DSCR loans won't use your income to underwrite the loan.

Since last year of November, Fannie and Freddie has allowed borrowers to put min 5% down for conventional loans and being able to invest multifamily up to 4units.Also, the beauty of FHA is that it allows you to put 3.5% down payment to invest in 1-4 units.

That's $22,500 you can use for any surprises life throws at you or to make your new house feel like home.Downside: Your loan's gonna cost you more in the long run because of that higher interest rate (6.625% is no joke!).

What sort of loan are you looking for?

1 Year tax returns is doable if you have been self employed for the last 5 years on a conventional loan.

However to keep expanding my portfolio I’m doing a refinance on one property that will allow me to buy several more properties using DSCR loans.