Using the equity in your home via a heloc/2nd mortgage is an option, but your home will be at risk if your deal goes sideways and youre unable to make the payments.

2) Should we add the new tenants via an addendum or have all occupants both old and new sign a new month to month (m2m) contract?

@Todd Morris I will respond via PM

When you have established the operation agreement of the LLC correctly, this will allow you to operate and be protected via the LLC while having access to great financing options.This should be a pretty easy task for an experienced attorney.

Unless there is significant equity in the property 50% LTV may not be enough to payoff the current underlying mortgage.Now here are the exceptions to lift the COB 50% limited LTV restriction:- you inherit the property and it was transferred into your name either via legal award from a domestic partnership/marriage - you have been on title for 24 + months- you took title to the property that was transferred from a partnership or partnership like entity (LLC, LP, etc) that you can document the ownership of 25% or more in- you lived in the property and have been on title for atleast 12 months as a primary residence- you have paid the mortgage for atleast 12 months - or you can demonstrate a relationship with the obligator (domestic partner, relative, family member, etc. )If you qualify for one of the exceptions you are not limited to the 50% max LTV  when considering fannie/freddie conventional cash out refinances on a subject to transaction.

Here’s the reality; the once every two or three or four years a GREAT deal falls in my lap, I (fortunately) have enough capital in reserve to purchase the property immediately for cash.

But try this: https://www.homewyse.com/services/cost_to_estimate_home_remo...Let me ask you this.....I was even considering offering a service to 'walk the property' via video conference and throw out some rough numbers....do you think that would help people?

creative financing gives you the opportunity to earn income via interest.

I was able to partner with my parents to secure funding for the down payment via their HELOC.

I was able to partner with my parents to secure funding for the down payment via their HELOC.