1st Buy, Rehab and Hold. Proper Way To Finance.

[Chris S.]

Hello, this is my 1st post on BP. I am planning to buy, rehab and hold my first property. I've found that BP seems to be the best forum, so that's why I'm here:)

I'm just going to level with you and let you know that I make a good amount (250k+).  I'd like to turn that in to wealth.  My wife is willing to help with being there for the daily rehab guidance and she's a great painter.  

I currently have a 401k with $70k+ in it and I have $80k in the bank.  I also have 2 houses w/ mortgages of approximately $1600/month (one is my current home and one is a rental that I bought new in 2007 w/ the hopes it would appreciate and start off my real estate empire! ha.)

I'm looking at a rehab that may go for $75k and maybe $30k in rehabs. ARV should be around $125k and have good cash flow.

What's the best way to do this?  Any other advice would be great.  Thanks for any help!