It’s clear you had a sharp eye for opportunity with this duplex, especially given the prime location and potential for adding value through additional bedrooms.

Quote from @Timothy Franklin: @Trevor FinnI would agree with your breakdown, but why overlook a potential to run the 91k subject-to with a targeted 6 month hold for flip or 18 month refinance?

This property had significant potential for value enhancement due to its location and condition.

So, it would then potentially cost you a penalty for early withdrawl and also income tax owed on it.

I understand Vermont has slightly more stringent regulations to contend with but it would also be closer for us geographically and thus potentially easier to manage.

I'll also check with the city on any potential liens, I think any inspection would have to be done after my $15k deposit so it would be a high risk, high potential reward type deal, and there is a 15+ bids already.

Now that you have the correct terminology, you can search for lots of potential solutions. 

@Jordan Kaylor, financing aside, how are you going about sourcing potential deals?

It's probably unlikely anything too bad would happen excluding natural catastrophes but why take the risk if the profit potential isn't there?

If you want to find out how much equity you have to see if that’s an option for you, connect with a real estate agent and ask for a professional equity assessment report (PEAR).Who knows, you may find out you have enough equity to buy your next place outright– and with today’s mortgage rates, not having to take out a home loan is pretty incredible.