Lock up the property and find someone who will. 

With many seasoned real estate investors locked into low first mortgage rates and large equity positions, many borrowers and investors have been exploring tapping second position loans like home equity lines of credit for reinvestment capital towards down payment or rehabilitation funds. 

The way I heard it explained is that you take over the existing mortgage and then you can either rent it or transfer the mortgage to someone for free but the videos I’ve watched never say anything about giving the seller anything other than money down to lock it up.

If you purchase the property using your own name with a conventional loan mortgage, then transfer it to a LLC, it may trigger the due-on-sale clause, taking the risk that the lender will ask you to pay the loan balance back immediately.We can only choose one of it, not both of it.

Did you ever pull the trigger on this Michael?

We raised our monthly rate slightly and were able to lock in a $2700/month booking to start this month. 

I have been lookin into pulling the trigger on deals in Detroit that are already occupied.  

I have only charged for the locks being changed on the property when the previous tenant moved out because she said it took too long to get the repairs done even though I told her what your plumber said about the floor being warped and I believe he was correct because it just seemed to me like foundation issues in certain spots that couldn't be helped and I did also charge for the steps being replaced  with 2 boards which probably measured about 6 ft in.lenghth $450.00 to be replaced  and painted because that was another tenant complaint and you told me to go ahead and fix it....I told you said that when we looked at the house when the tenants moved out he also didn't see any work that needed to be done to it...the only thing i saw was the rat droppings and the garage door issue that didn't work and the limbs down in the front and back yard which i requested to be removed.

Waiting a year might not be a bad idea versus pulling the trigger sooner and having to pay to refinance later.Also realize it may be tough starting off as a 17 year old.  

Lock is offline, wont show up in the Schlage app or Remotelock.