Typically you want to exhaust conventional or full doc NQM options first and then move to bank statement or DSCR once DTI is tapped out. 

I'm considering house hacking for my first property in the Chicagoland area, but I'm not sure how much capital is typically needed.

On the balance sheet, the book value is typically what the original property was acquired for, splitting out land and improvements.

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

Retail centers are typically the second most passive of investments and single tenant NNN the most passive.

According to the National Association of Realtors (NAR), the typical down payment for first-time buyers has been between 6% and 9% since 2018.

Unfortunately, more times than not, I have found realtors more of an impediment to the process than anything, although they are typically punctual at the closing when they receive their commission check.  

Typically if you're at $200k loan amount or lower, then maybe a 5 year prepayment makes sense since it would take a lot for it to make sense to refinance. 

Michael - I don't have specific recommendations based on name, SKU, etc.. but my thoughts are:- Flooring: LVP, typically around $3 per foot for materials, plus labor.- Backsplash: Subway tile with grey grout.

These attorneys typically know the ins and outs of each assessor’s office and have better luck negotiating reductions.I’d also recommend talking to local real estate investors and asking them which lawyer they’ve used for challenging assessed values.