I've sat on city council meetings where a county will straight up say they can make changes to the laws, but they don't have the resources to actually enforce them.

Once completed, the goal is to get them rented and then pull money out of each house to build a high performance spec.

The only time I'd say it's an okay idea is if either: The area you're investing in is expecting so much appreciation that you will easily profit off that (watch out for mortgage interest though...the appreciation needs to be higher than what you pay in that and expenses to make it profitable)You have some specific reason for wanting to do it- family ties, future home, major long-term hold, etc.Maybe I'm forgetting another one, but those two are all I have for now...

The 1099 will reflect the amount of money that you sent to the owner.

@Kyle Trotman If you purchased with a hard money loan conventional lenders will require extensive seasoning to utilize the new appraised value for cash out. 

With your Fico and down payment, all you need to do is make sure you pass the debt to income requirements. 

People just make sure they have all that they need when they head out.

We don't allow any "deal-making" in the forums, which includes advertising your services or properties, looking for partners, etc.

If you make the purchase prices much closer, then the waterfront unit should do better.You are going to have to run the numbers.

Happy to be here - and good to have a good hard-money lender as an option!