Begging if my career of a Real Estate investor. Unique situation

[Ashton Davis]

Hello everyone, and I hope this isn’t too long of a post. Let me set the stage by saying I’ve never invested in anything other than my W2 401k so this is all extremely new to me. Most of the jargon is foreign to me, however I am in the process of reading books and listening to podcasts (such as the ones on BP) to begin my investing journey. So take it easy on me..

So here is my situation.

I work a 9-5 at a dead end job in logistics to put my wife through school while she is working on her masters in the medical field. We just sold our first ever home of 4 years for over asking price. We eradicate all of our debt and are in a credit rebuild process, and are now renting (mon documented) a finished room at my father-in-laws house with our two kids while we were saving to build our next home. Unfortunately my mother-in-law passed away during this time at an early age leaving us in a crippling state. My mother-in-law was the primary bread winner in the household there was a decent in’s. policy left to my father-in-law.

So the question.

My father-in-law has a good deal of equity in the home, but is, and has been unemployed for the last couple years, and has horrible credit. My wife and I have stable incomes and decent credit. I am looking to BRRRR in our market, and was waiting for credit, capital, and my knowledge base to build up in order to use "cash" for my first deal. But I see this situation as an opportunity to maybe cash refi- loan his mortgages, taking and using the equity to purchase out first deal while getting a better interest rate overall.

Should we just continue to wait? Or is there some kind of creative way to leverage this odd situation to begin our new endeavor? What would be the best first steps, or people to reach out to for the best most accurate information?

Sorry again for the long post and somewhat obscure details, but any helpful advice would be appreciated.