@Jay Hinrichs exactly the risk is even more than traditional development and the profit is actually less with more operational headaches.

Hard money loans typically have higher interest rates and shorter repayment terms than traditional mortgages.

Jimmy,You need to show (2) years of 1099 SE income in order to use FHA, or traditional financing to get approved for a mortgage.

I am the first in my family to do REI and my goal is to break the tradition of working for a salary for 40+ yrs only to retire on what I hope will be enough to start living freely.

STRs in Non-Traditional MarketsShort-term rentals in areas near universities or event venues are gaining popularity.

I have some of the required funds in a HYSA, but will most likely need to draw from another account and I'm curious which method is the most efficient in terms of taxes/capital gains, penalties, loan repayments, etc.Based on my previous transactions in the market, I estimate ~$45k cash to close: $20k for the down payment, $15k for closing costs and prepaids, and $10k of starting reserves.

Also, it often helps to connect with a local agent/do extensive due diligence on renovated/new construction properties to see what the property may sell for or appraise for (if doing BRRRR method) as that can impact the price you should pay.

Any recommendation for the first steps I should take if I want to purchase my first rental property using the BRRRR method (or flipping).

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

Here is what one of the new people I coach from Socal did with a property in Phoenix
I helped him find. He has taken his training seriously. It’s a Subto (Subject To) that I helped him buy “off market” and he chose t...