Quote from @Jimmy Rojas: Thanks for the reply, i think it may not be worth it after all, may I ask did you use a calculation app to come up with the mostly payments, if so, care to share it with me.One more thing.

Quote from @Charles Fay: Hello all, first time posting and wanted to ask for your advice.currently in the military awaiting a 9-12 deployment within the next 6 months.I will have ~150k savings after deployment, 85k before, with no debt, payments or anything other than basic bills, 750+ credit.

For a sample, consider a $295,000 project with a down payment of 5% and a mortgage payment of 7% interest.Good luck!

What was nominally a 52k down payment turned into close to 100k--12k in closing costs, 12k in extra payments, and about 25k in labor to help me get it ready when I realized I couldn't get it all done by myself working evenings in a reasonable amount of time (plus I knew I couldn't do the egress windows myself). 

. - This will allow low down payment and the 203(k) allows repairs to be financed into the purchase mortgage.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

We paid $1.775 million for the notes, worked out a modification with the borrower, and received the first 5 monthly payments relatively on time.  

Project phases typically divide payments into an initial deposit and subsequent installments.Depending on the project scope, you can divide the payment into milestone payments.

Yes, my banks require a 1.2 DSCR debt service coverage ratio, meaning they want to see rent 20% higher than the mortgage payment.

I'm glad to know you received your January payment.

that isn’t subject to higher down payment requirements or higher interest.