Still have it, and one important lesson that may not be emphasized enough in this thread is a great property manager will make or break you, especially with an out-of-state rental. 

Yeah, if you've been a good borrower for a year and the LTV drops.However, banks can sell the debt (read the assignment clause in your mortgage) to whoever has the money and wants to service it.In any case, it's worth a call emphasizing your good performance and increased value of the property.

Emphasized security, security, security. 

Yes, they might be a little more expensive on first glance, but when you actually get to negotiating, you will deal with the lender and can see how much commission you find the broker deserves, and how much you can/want to afford.I have not done it yet, but for my upcoming deals out of state, I am planning to use the BP community to help me find brokers and banks in the markets I am interested in and begin working with them.I always emphasize building relationships first and then be fair and dependable and trustworthy in those relationships.

It states that Adverse Action Notices may be delivered electronically and also emphasizes that "you must securely dispose of the report and any information you gathered from it".One of the examples is A landlord who makes it a practice to approve an application if the prospective tenant shows an adequate income or has a favorable credit report, is dealing with an applicant who has an inadequate income and a bad credit report.What if the reason for declining application is inadequate income and not the credit report?

We can all have different tolerance for what we consider to be good and bad cashflow, it is also important to note that not all investment strategies emphasize cashflow.

(if you are in the right market).2) The ability to buy cheap from moms and pops with huge room for upside in rent increases and occupancy increases.3) The ability to obtain seller financing (which is what got me into the business to begin with).4) The huge underlying value in being in an industry that has not allowed new construction since the 1970s.5) The low management intensity when you are just renting land.6) The only remaining sector of real estate in the U.S. where you can hit 20%+ cash-on-cash returns if you are smart.7) The win/win business model of bringing old mobile home parks back to life.8) The beauty of being in a business sector that is on the right side of every American megatrend.But there are also the following drawbacks:1) Suffering through a huge negative stigma that makes you embarrassed to even tell people what you do sometimes.2) Suffering through some city halls that hate mobile home parks and everyone associated with them.3) Suffering through media that assumes that anyone who owns a mobile home park is therefore evil no matter what you do.4) High levels of risk (and almost certain failure) if you do not conduct good due diligence.5) The endless risk of private utilities unless properly vetted.6) Learning to adapt to the customer base and being a good landlord that gets the job done in a friendly way.7) Not getting involved in the hysteria of some markets that offer little in the areas of returns or safety.I cannot emphasize enough that this is not a get rich quick scheme, but a get rich slow scheme.

Again I emphasize this is for guys who want to create passive income overtime there will be short term pain.  

I went to college back when it was affordable, not that it is mandatory, and I got a degree in business that emphasized real estate.  

I can’t emphasize this point enough.