Options for Existing Portfolio and Future Deals

[Matt V.]

I am going to try and keep this post out of the weeds but there are a lot of parts. If anyone thinks I need to split it up into their respective forums(?), please let me know.

My father and I (I know, family partnerships...) have decided to launch head first into real estate investing after spending years doing our own thing. He's a master carpenter and project manager and I have spent the past couple years in land and tax lien investing as an employee. He has two properties, one in NY with $60K-70K market at 100% equity and one in CT valued at $300K-$325K with ~75% equity. I have one property in TX that's valued at $165K with just under 10% equity. The CT and TX properties are both rentals with low vacancy rates with positive cash flow. The TX property is financed with a VA loan.

One of the first orders of business is that I need to relocate back to the east coast. I have identified a Homepath home where I grew up that is very attractive on the numbers side ($95K buy, $35K rehab, $225K ARV) that I would like to jump on. I would owner occupy and there is a small apartment attached that would rent to a local college student for ~$400/mo. Side note, my Dad actually worked on this house back when I was a kid and he was doing renovations and SF construction in the area so just a tidbit of nostalgia. I am looking at 203K loans as an option but wondering if there are other options I should examine that make this a better deal. We don't have any friends or family for owner-occupied to pull from and I can't afford a 30% down with a private or hard money lender.

Second, my Dad found an REO property that we feel would be a good starting point for another buy and hold. Currently being offered at $55K, $30K in rehab with an ARV of $150K and monthly rental potential of $900-$1000. Using the BP calculator it would cash flow ~$200/mo. We were thinking of 30% down using the current CT house HELOC and then use a friend investor to carry 70% purchase plus rehab. Once the rehab was complete we'd go for a conventional refi however not sure how to handle that if we are both working full time flipping or wholesaling other properties. I know, we're asking a lot here :-/

What I am looking for is a little guidance/advice on how some of the more seasoned BP members might handle these two potential properties given our current circumstances/portfolio. We are reading everything possible and spending countless hours on BP educating ourselves but nothing beats experience. Any suggestions/critiques are greatly appreciated.

Thanks in advance!