One other thing to keep in mind after you purchase...if you are looking to refinance the property to stabilize the rate/terms, you will need a 2-yr history of being a landlord to utilize the rental income to qualify for your new loan. Or at least a 12-month history with your tax returns, and the calculations are different as of march 2018 with Freddie Mac. Watch your deductions on your schedule E. There is a form which you can use to determine what your allowed income will be from schedule E real estate that I believe you can find on their website. Its a form 92, which you can plug in your numbers to calculate net rental income from property. If you can, I would always try getting owner financing first as it allows you to get easier terms/lower down payments than having to pull your own money out for your purchases. Your lease terms will also have to be at least a 1-year term, as Freddie mac will not utilize month-to month tenant at will terms if you want to use that income for newer property owned less than 1 year
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