The reason i like working with Mark (along with the quality of what he puts out, which is better than most cost seg studies I have seen) is we have a great working relationship that we can readily discuss a client and their goals.

Also, the banks that did approve me told me that they could only use the rental income from the other units (75% of it) for an FHA loan, not a conventional with 5% down (which was my goal to avoid upfront PMI and have it automatically drop off at 78% LTV).

Renovation costs would need to be financed separately.Private Lending or Hard Money: Use a private or hard money loan to acquire and rehab the property, then refinance into a joint long-term loan.Seller Financing: Negotiate terms directly with the seller for a flexible financing arrangement.Final ThoughtsUsing an FHA 203(k) loan for your first property is a smart move, and with the right partnership agreement, you can still achieve your 50/50 goals.

It’s a vacation destination with steady year-round tourism, and there are opportunities to find properties that cash flow well, especially centrally located condos or single-family homes in the $250k–$350k range.That said, the "right" market depends on your investment goals.

Then you have someone who understands the investors goals well and the technical experts really working together effectively. 

The overall goal is to have a reasonable way for supplementary income, not necessarily interested having my than one rental.

So the goal is to sell the property but remain as a tenant. 

I would recommend saving $30-35k or partnering up with another investor if the goal is to buy an investment property.

Our goal was to foreclose and sell off the land if it wasn’t redeemed.

Overall, my primary goal is to create the opportunity to get into another home at minimal cost while keeping my parents in the current home, so I'm leaning toward transferring/selling the current property to them.