Buying First Major Rehab

[Brandon Allen]

Hello Florida Officiandos,

I am looking at purchasing a 4-plex in Orange Park as my first major rehab. The place has been vacant for 3 years due to the previous owner pocketing insurance money as opposed to fixing the roof when a tree fell through it.

Price 150k-175k

Rehab 80k - 110k

ARV - 320k

Rent - 900 - 1k per unit

I am looking for financing either by seller or a mortgage company that specializes in long-term rehab financing. I'm active duty military as well.

Seller Financing: I would finance through seller and pay for rehab costs out of my own pocket, but I would be limited to only 80k I could put to use.

My concerns are whether this deal makes sense and would be worth the undertaking given my current status: 80k budget on rehab and active duty military.