Why do you think purchase contracts are so long and have such small print?

I recently had a client purchase a duplex in Forest Park here in the western suburbs with this exact plan in mind.

Purchase price: $15,000 Cash invested: $25,000 Sub to deal - paid the seller and wholesaler $15,000 + $7500 closing costs to assume $84,000 mortgage with a monthly PITI of $575.

Meeting its standards makes these loans eligible to be purchased by either Fannie Mae or Freddie Mac. 

I have programs that require only 10% down for the purchase, and will finance 100% of the rehab.

Heck, I was nervous on one of my most recent purchases because it was my biggest ever - and I've done over 100 transactions.Your current house is probable a Class A property - which is the easiest to manage. 

But unless you get a value-add property, purchasing real estate really doesn't make much sense in this environment?

Purchase price: $185,000 Cash invested: $35,000 Sale price: $671,000This was our 3rd home.

Does the LLC legally own the property that was purchased? 

Also, you can possibly take equity out of your current properties instead of taking out a construction/hard money loans.Purchase and Rehab Financing:If you are doing simple purchase and rehab (not ground up), then it's not that hard to qualify and you just need to right broker/program.