@Paul Timmins Thanks for the suggestion. That J. Scott book is actually only list of "Things to Read"
@Zahra Holness & @Hem Kumar: I tend to agree with both of you on the positives of using HML. However I think my perspective comes from a background of never being given anything. I don't mean in the "bitter" sense; more like I'm used to having to put my money in the pot without outside help--primarily because of creditworthiness. I think as time progresses and if I'm looking to scale up a little faster than my own pockets will take me, some form of lending will definitely be what I'll be looking for. For now, we're looking at some pretty small stuff (houses below $10k that need minimal work), with some profits that'll add to the nest egg. The goal is to quit the rat race so I can focus on this full time so, we're definitely putting max energy into the "due diligence" part of it all.
To answer your question Marvin, we're starting in Flint. My partner (born and raised there) and her family are completely familiar with the city, from the neighborhoods to many of the homes. She and her mom have decades of history int he city. Her whole family is still rooted there (refusing to leave even throughout this whole water crisis situation) and she's got a team of family and lifelong friends--everything from contractors and a property manager to real estate agents. A family member even works with a man who owns tons and tons of properties, so as far as "boots on the ground" goes, we've got a couple things covered. In fact we've even got friends who are renting who are waiting on us to get them some nice homes! I'm just wary of using HML on our first project (and by "I," I mean "she" lol). Conveniently enough, it's a small house near a family member who knows the whole story behind it, so we don't have to walk in completely blind. Basically to make a long story longer, I feel like small SFH flips are the way to go until we're comfortable with what we're doing.....but I don't want to wait forever to begin either. There are also some affordable MFH properties that would be good for rentals, hiding around the city in some pretty good (and relatively safe) areas. Once our feet are wet then I'd like to try my hand here in Georgia.
Thank you both for the insight.
