Opportunity for my first rental property, need help with closing
My friends parents had moved to another state and is living in a new house, there old house is all prepared for the market, but not yet on the market. I had a chance to look at it and it looked very clean. I was mainly going to try fix and flipping to start off my real estate investing journey, but this deal here could be a potential good deal for my first rental property. There is just one thing, I do not have enough money saved up for 20% down for a conventional fixed rate loan.
The property is within 15mins from where I live (northern Illinois), The ARV is around $165-170k. I was going to put in an offer at 100k. no repairs are needed to the property, they are very motivated to sell though.
again, I am new at this but have done my fair share of research and also am excited to say I start classes soon to have my real estate license.
I have $10k to go towards this offer. and that is simply not enough... is there another way for me to buy that I don't know about. would an FHA loan (3.5% down) and me living in it for a year be a good decision for me to capture this deal?
I just want to be prepared if they do accept 100k.
Thankyou!