Make sure you’re working with a lender who has experience with 203(k) loans and a contractor who understands the program’s requirements.2.Loan Process Can Be Slow – Unlike a standard mortgage, the lender will be heavily involved in the renovation funds, which means more paperwork and potential delays.3.Strict Repair Guidelines – The work has to improve the home’s safety and livability, so luxury upgrades usually don’t qualify.4.Living Through Renovations – If you go with a Limited 203(k) (up to $35K in repairs), it’s usually manageable, but for a Standard 203(k), major work might require you to live elsewhere for a bit.It’s a solid strategy, just make sure you’re working with the right lender and contractor so things go smoothly.

Hi Saul,Vegas and Phoenix are on the pricier side, so you'll need to put a large down-payment down if you want to cover all your expenses with some cash leftover. 

Your plan seems solid so far, good luck! 

so would like to start building our portfolio in a State that has consistent appreciation with room for rents to increase going forward."

So you purchased it cash and just need the rehab $?

I worked at hospital diagonally across street so very convenient and at the time this 2bed 1bath was all I needed.

When the project was finished there were a lot of other developers noticing that statistic so we decided to make sure that our property stood out among the competition.

So, if you create an LLC in another state, you will likely need to register it as a foreign LLC in California.

If so, I’d recommend investing in your own backyard as opposed to going out of state.

So I prefer to have more of that in the deal.