Non-QM lenders are asset based while Conventional lenders are credit based.Non-QM lenders focused solely on the following criteria when green lighting your deal:1-The ability of the property to cash-flow in terms of covering its underlining debt; or its ability ti appraise with ARV that covers the debt if you are flipping.2-The credit of the borrower (660 or higher, preferably above 700)3- Your liquidity (do you have 3-6 months of liquid assets) after you close on the property.That's it!!

@Mark Oviatt are you proposing to lend on the debt or equity? 

Obtaining significant outside capital, either as debt or equity, requires a significant amount of experience and knowledge.

If you have debt or require debt during a recession (refinance risk, etc) you have significant risk during a recession and should be cautious.Conventional lenders are already pulling back since they see what may be on the horizon.

Non-QM lenders are asset based while Conventional lenders are credit based.Non-QM lenders focused solely on the following criteria when green lighting your deal:1-The ability of the property to cash-flow in terms of covering its underlining debt; or its ability ti appraise with ARV that covers the debt if you are flipping.2-The credit of the borrower (660 or higher, preferably above 700)3- Your liquidity (do you have 3-6 months of liquid assets) after you close on the property.That's it!!

The debtor will most likely sue.

Self-Dealing" is the use of a tax-sheltered account for your current benefit, rather than the long-term growth of the account.To prevent such self-dealing, the rules keep you and your QRP/IRA/401k from doing business together or from you deriving a current benefit from your QRP/IRA/401k.Therefore, doing a househack with a QRP/IRA/401k is probaly not a good way to use such accounts for real estate.You can of course use them for any type if real estate debt or equity opportunity from which you don't derive any current personal benefit.

It might be worth it to keep saving (especially having a decent amount of reserves / emergency fund) because while anyone can bounce back from losing money, that doesn't lessen the huge impacts to your life as a result of a loss - especially if you have a family, debt, or dogs!

Your post is unclear on whether the Jersey property has debt or not?

Since it is discharged, that means that the CH7 was completed by the debtors successfully.