Money lender partner

[Britt Slayton]

I’m a rookie and I know the general direction I want to go in for my 1st real estate move. I want to buy a newer house with repairs and reno up to $20k. I don’t have the money for a large investment (down payment+rehab) on my end but I have people willing to invest. A year ago I bought my 1st house (that I live in).

My questions:

1. Can I get another mortgage for a place I don’t plan to occupy or would I need to get a business loan?

2. If the above plan doesn’t work out due to money constraints or whatever it may be, can I go the for sale by owner, convince them to carry the financing, and then sell it once it’s ready?

*The specifics on the for sale by owner, owner financing, refinance, and sell is still unclear to me so I know I need to learn some more by talking to banks and real estate attorneys.*