Here in the USA you need what's called a "construction loan" and it's also very hard to find a company that will insure you if you're a newbie.

For property management, choose a company with a good track record in STRs and transparent fees.Happy to connect with anyone looking to share insights!

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

In the "industry", you would use an "Acquisition/Rehab" loan that allows you to use part of the loan to apply to the purchase of the property and you'll have some loan funds left over to use for the rehab.

That way, her limited funds can go toward her own living expenses. 

- Agents and title companies I work with always expect EM to be delivered within 24 hrs of opening escrow.

Start small, build a reserve fund, and work with local experts to ensure your first investment is a solid one.Good luck!

Instead, all the money from Subto goes to a company called New Reach. 

The concern with the DSCR loan is that I need to make the property present as though it's rented to individuals during appraisal (tough since it's a working rehab facility now) and must create another lease that shows the tenant as personal and not a company.

Some of the manufactured home companies have a modular home option, I know Clayton does.