First time BRRR -single family home

[Donnie Baer]

Hi,

My name is Donnie, new to bigger pockets group but been researching real estate for about 9 months now. I have a few properties in my area that I would like to purchase, my debt to income ratio isn’t where the banks need it to be since I just purchased a home last year.

I’ve already talked to a broker that I bought my home off of that I couldn’t purchase a rental with my current income 

My situation is that I wanted to rent to own my current property I live in now and buy another fixer up in my town. My town with rent to own would be approximately $950-1000 a month and I would require a down payment of 5k.

The house I'm looking at is 75k that's on the MLS needs about 35k (probably on the high side) houses in the area sells for 150-160k ARV. Looking to make an offer of 55k for the property.

As of right now I have about $18,000 in Bitcoin / crypto’s that I want to make sure I break even on taxes if I pull it out for real estate 

Does anyone have any tips of what I should do, or if you think I’m doing something to where I could make a mistake please let me know… I’m still struggling to find a place where I can find a loan / partner to help fund what I’m looking to do.