I grew up visiting my grandparents out on Hutchinson Island.

Do your homework BEFORE you lose money.I almost did, when we explored purchasing a condo in a very well visited European summer vacation destination in the Mediterranean Sea, Mallorca Island (completely a dream by the way).

Folks,I am retired and live on Marco Island Florida.

I came across a company called Rockstar Property Solutions out of Rhode Island/Massachusetts area on Craigslist.

My friend has a condo in South Padre Island, Texas that I’m interested in.

Hello Rhode Island Invstors,Need you help. 

Aloha from the Big island.

.% down of the purchase price and the rehab costsCan be used for primary residence with 1-4 units (could also be looked at as a disadvantage)  When using 2-4 unit property, projected income from other units can be used to qualify 6 months' worth of mortgage payments can be rolled into the renovation budget if the house is deemed uninhabitable by the HUD consultantCredit scores can go down to 600s (lender dependent) DTI can go to as high as automated underwriting system allows (typically 56.9%)Allows you to buy a property in any conditionCan use it to fix minor repairs all the way up to basically a full tear-downFHA 203k Disadvantages: Interest rates tend to be about .25-.5 higher than regular FHA loan Additional costs include HUD consultant fee, inspections, title updates, and supplemental origination fee (Cost of doing business, but this is built this into your numbers, so it's no big deal)Must use a licensed General Contractor for a full 203k or up to 3 specialized contractors on the limited 203k Must hold onto the property for 1 year and live in it. 

Ok, you might also want a structural engineer to take a look if the space has been uninhabited for 30 or so years especially if there was fire damage. 

Land is land, and there's not anymore being made.