Is refinancing not an option in your mind because of the high pre-payment penalty?

Seems like everyone wants to wholesale here - The competition is really high - I dont really wholesale unless it makes sense for everyone but my advice would be to try and hit the lists that arent already super flooded ( pre foreclosure, vacant, etc.) 

You also should be aware of the Pre Payment Penalties on this loan, especially if you are incorporating a BRRRR strategy.

Quote from @Melanie Baldridge: Why I like investing in real estate more than 401(k)s.Both offer tax deferrals, but here's the difference:If you're making pre-tax contributions to your 401(k), then withdrawals = ordinary income tax.With real estate gains, you're paying capital gains tax (which is typically lower).Plus, RE investors get:1.

I’ve taken care of all my debt and am pre-approved for roughly $220,000.

I’d also prioritize getting pre-approved, securing financing, and starting small to build experience and momentum.Good luck!

Along with getting started pre covid as well.

Then any rental income you could obtain from that property could be used as an income source for loan pre-qualification.

@Aaron Bard- plenty of  lenders  offer  DCSR loans ...contact a  few  for  quotes ...also - dont  pay  any  lenders  at the beginning of the process 

As you need to be a licensed foreclosure consultant to buy pre foreclosure properties.