So you don't need worry that tenant forget to pay your rent before agreed date.In order to money from the tenant’s bank account you can use an AHC.

If you buy investment property of this type based on the sellers CLAIMED "cap rate" you can say au revoir to your money.

Hello all, Im looking for private money to buy a 6 unit apartment to reposition and refinance in 6 months.I am looking for lenders who can do better than hard money which is at 12 percent and also commercial lenders who can help me pre qualify for refinancing the property after.

Perhaps a list to hit up for private money?  

However, they will calculate a new DTI (debit to income ratio) based on the new monthly payments from your cash out refi or HELOC loan.Some quick pros and cons about Cash out Refi vsHELOCCash out Pros-tax free money-low interest rate-no monthly payments Cash out Cons-closing costs (couple thousand)HELOC Pros-tax free -its a line of credit, hence you can use pay back then use again-usually NO closing costsHeloc Cons-higher interest rate-have to make monthly payments on money borrowedHope this helps,CB

@Charlie Fitzgerald what is a typical practice with hard money lenders?

Not only that your money is on the line for 8 years because construction activities fall under the Statute of repose not Statute of limitations."

Hire slow, fire fast, don't give too much money up front.

I may have access to a private money lender, but the individual I have in mind may not be able to front the full portfolio.

I closed on that last week and I want to put most of that money into a down payment on another house.