So it does appear to be possible to get an FHA 203k loan for a 5-unit & convert to a 4-unit.When possible, aim for the Limited (aka Streamline) 203k loan, as it's less complex, not required to get an FHA consultant, etc.Of course, this is based of the two following important assumptions:1)  zoning allows for this2)  and obviously I owner occupy for at least 12 months3)  the total purchase price + renovations are within the FHA loan limits specific to my areaWhat I'm confused about is the timeline or chronological order of the process? 

I know a lot of investors have done very well in Peirce County but I just haven't learned or know enough about that market to make an investment there.Washington state properties are expensive and can be difficult to make breakeven let alone cash flow at this moment due to the combination of high prices and interest rates. 

Hi, I’m planning to visit auction next week first time.

If you need more to do the rehab, perhaps instead of partnering, you could get your former boss to do a personal loan. 

Sioux Falls is great, I live here. 

@Cheryl WellmanHi Cheryl, welcome to BP!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $178,000

Cash invested: $10,000

primary home own use has an Airbnb/ short term rental 5 months out the year/sometim...

Here's a short treatise by a title insurer:A deed in lieu of foreclosure is a deed given by the owner of mortgaged property to the holder of the mortgage or its designee where the mortgage is in default and foreclosure is a possibility.

Excited to have you here!

I ask have they been to the area before?