(make sure you are budgeting for maintenance and management if you plan to use it) Rent will increase over time and your property will continue to appreciate in value. 

@Alejandro Martinez I'm a fellow Canadian from just down the QEW from you (Hamilton) and moved to Orlando just over 5 years ago to invest in real estate full-time. 

The process takes about the same amount of time since an appraisal and title work is generally still required before underwriting and funding the deal. 

There are people who buy a longer term (12 months or more ) OPTION giving them a RIGHT to purchase a subject property, at a certain price, within a certain amount of time, and attempt to either sell the option for a higher price or close on a simultaneous purchase and sale to an end buyer paying a higher price.  

Be first position until he gets the construction loan, at that time he then will have the construction loan buy out his PML out an pay any accrual interest and origination fees.

@Chris Lin,Thank you very much for spending time with me on the phone last night. 

They just keep snaking it every time there is an issue.

It won’t catch everything in photos yet, and comps can be off, but as a way to speed up deal reviews and analyze more properties in less time, it’s been pretty useful.

This quote is from Better Mortgage, but I'm wondering if anyone has suggestions for other lenders who might offer better rates.I did explore a construction loan, but unfortunately, it didn't work out because the lenders said this is my first time constructing, and they were hesitant to move forward.Once everything is said and done, the total cost of the property will be $210K.

Many times a lender buys a property back at a sheriff's sale/auction where they are selling properties as part of a foreclosure.