First step is: 1) Figure out your budget to fix this up to a nice condition. 2) What is it worth based on comparable values in the neighborhood. 3) Is there a worthwhile profit?

The information contained in this post is not to be relied upon.

The info in this thread is incredible.  

These two loan types are among the few exceptions that permit closing directly in the name of an LLC.Most of my clients initially take title in their own name, then later transfer the property into an LLC or land trust for asset protection or tax benefits.

A "kiddie condo" is the concept of buying a residential property with "owner occupied" rate financing made possible by having an adult child living in it, if only while they're in college or single.

Quote from @Adolfo Herrera: I recently bought a piece of land(cash) in my hometown in Texas and I am looking to start building a home to sell.The lot sits in a new neighborhood and is in the more affordable side of the Rio Grande Valley.

In our areas we have a lot of new low income construction that comes with a section 8 housing voucher.  

Reading Vanessa Peters book “the busy professionals guide to passive real estate investing” and in it she has a chart showing initial investment of 100k, 8% preferred return, 20% cash on cash return including sale of property, and 5 year hold.Each year she shows $8k return (years 1-4) then a $168k return in year 5 including the return of equity.

I have no interest in managing the manager. 

This is our best March in 4 years.