Generally speaking, if you borrow 100K (70k for the purchase 30k for repairs/upgrades) what will happen is this: To close they will require proof of 1yr homeowners insurance to be paid, eliminating the need to escrow it because HML are short term solutions they will probably require it to be paid back within a year.

hey Matthew - very good point. my Wife and i have been living in our current home for about 7 years. we have a decent amount of equity. we are looking at a new home as an upgrade and i have been tinkering with the idea of renting our current home out instead of selling it so we can build even more equity.the rental estimate versus what we pay per month would be tight; we wouldn't profit much. this is a concern.secondly, renting the current home eliminates any profit for a down payment for the new home. however, i do realize the direction you are recommending; "park" the "100k" in the new home and keep the current home as a rental property?

Right now I’m really focusing on fine tuning my finances, eliminating debt, improving my credit score, working on building a savings and educate educate educate.

Eliminate all the issues you can before starting out.Good luck!

This used to raise the very small possibility of the bank putting you in default (Due On Sale clause....worst case scenario you have to transfer it back) but recent revisions to conventional terms have essentially eliminated this, when transferring to a single member llc.  

Forwarded message:Hello Joshua,My name is Chace Marigny and I was hoping you can help point me in the right direction(s) as to eliminate any errors as I go about helping turn my mother's recently flooded inner city Los Angeles home into a multifamily residential rental.

This eliminates the majority of retail buyers -USDA will only finance older MH homes if there is an existing USDA loan. 

You thought it was a "no brainer" to exchange your cash (free money) with immediate access, for a HELOC (less money...that you had to pay for in with interest)...that you had to wait for a year to use, just so you could eliminate the PMI, that your tenant was paying for in the first place? 

What’s the best type of Kilz primer (or other primer) to use on a bedroom’s walls and ceiling to permanently eliminate or cover up a smoky cigarette smell from someone who smoked in a bedroom?

Thus, if you ask your employer to withhold additional amounts for the rest of the year, the penalty can be retroactively eliminated.