It’s built specifically for rental investors and offers business-account features such as no minimum balance, no monthly maintenance fees, and the ability to open property-specific virtual sub-accounts (helpful when you’re house-hacking and planning a rental next).Here are a few things to ask when comparing banks that may help guide your choice:Monthly fees / minimum balancesAbility to separate finances by property or entity (especially helpful with an LLC)Online/mobile interface ease (remote usability and access)Integration with rent collection and bookkeeping tools you’ll use as you growGood luck with the house hack and the next rental!

Although Baselane doesn't have a formal app I find it very mobile friendly, I use it on both my iPhone and IPadI think Baselane has a slight edge over Stessa so I think I'll start with them and switch to Stessa if it's not working for me. 

The fake lender will never approve a loan, the appraiser will delay the reports, the fake lender will make so many promises, so many excuses about the delays.

I've had other glitches with their website, but not when trying to approve a guest. 

They usually won’t approve gravel unless it was already there, and the two-strip setup isn’t up to code anymore in most areas.

How it works is you would get pre approved for the takeout loan upfront, then you purchase with the bridge loan.

Those mobile homes where just Condos with extra steps really. 

OPTION 1: OPTION 2: When Seller Uses RE Agent & You're Using Property For a Rental When Buying Subject To & Selling to Tenant Buyer Pro: Doesn't require specialized knowledge Pro: Little competition "Adequate" cash flow - Nothing Exciting Can be little $ down You get appreciation if property goes up Can do Unlimited number Can Get Started Much Sooner Get down payment (Cash $$) back immediately Great Cash Flow No Bank Approval Needed No Maintenance or Repairs Con: Have To Have $45,000 Cash for Down Payment Con: Have To Have $15,000 Cash For Reserves (just in Case) Have To Have $15,000 Cash for Closing & Carrying Costs Due on Sale Clause Have to Get Bank Approval Must learn the technique Can only do 4 -10 properties depending on bank Competing with everyone else Requires 20% Down & other requirements If AC breaks - you fix it If roof needs replacing - you pay for it If toilet clogs - it's on you If house gets trashed - you un-trash it You take loss if property goes down in Value Tenant Can Trash The House When Seller Uses RE Agent & Using Property For a Rental When Buying Subject To & Selling to Tenant Buyer Asking Price MLS $225,000 $225,000 Balanced Owed $223,969 $223,969 RE Agent 6% $13,500 $0 No Agent Involved Seller Brings to Closing ($12,469) $0 So No fees Asking Above ARV $0 $0 Seller Walking Money $0 $0 Sometimes Walking Money If I Use ConventionalFinancing If I UseSubject To Asking Price MLS $225,000 $225,000 Amount Down - 20% $45,000 $100 (I Give $100 Down) New Loan Amount $180,000 $223,969 I Take Over Loan Title Report $600 $600 Closing Costs $1,250 $1,250 Monthly Payment $1,151 $1,225 I Take Over Existing Payment When you are new, looking for lenders & considering Fix & Flip, BRRRR, or rental, as a buyer, I’d ask the owner/seller to be one of my private lenders with creative financing.

They track "rent reasonableness" when approving rent raises.

It also comes with a restaurant that hasn’t been in service for 40 years, but the structure is in surprisingly good shape.Here’s what I’m thinking through so far:Standard due diligence: +Phase 1 and 2 environmental, city plans/zoning, health department approvals for bringing the restaurant back online.Talking to the Army Corps of Engineers and the local harbormaster about dredging (not something I’d do immediately but want to know long-term outlook) and figure out generic cost for budgeting purposes.