I did not think stated income was even allowed anymore following the blowout recession based on all of the janitors claiming 100k incomes???  

This is the Dunning-Kruger effect in action.With any luck, this is water-based paint and she didn't sand the old finish, so a heat gun will lift it off nicely.I would see how the removal and refinishing goes before charging her.

Is there some way to get a loan based on the fact that it will become an income producing property?

They have good bigger "main event meetings" and they have subgroups which are more intimate settings based on a specific area of real estate.https://www.lasouthreia.com/learn/upcoming-events/

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I’m based in Leawood.

Any thoughts/suggestions based on your own experiences dealing with variances would be sincerely appreciated.

Before the meeting, I wanted to do small multi-family and house hacking in NWI as my first investment, but I'm reconsidering based on the wisdom of seasoned investors in that REIA group.

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@Gary Clisele, based off of your numbers that is right, but there are a lot of holes in that strategy.