Of course, every owner's situation is unique and factors like the legal entity involved, purchase date, adequate passive income that can be offset with the cost segregation study, etc., will need to be considered.

(Auctions and foreclosures can also provide great leads.)With $20K, hard money loans are a practical option, as they emphasize a property’s ARV over your financial history.

we have to have pre sales my bank will only give me a certain amount of spec loans but unlimited amount of pre sales. its the only way to keep velocity when you have a larger project like us ( 90 homes) We have been blessed no questions about it.. we made some critical decisions when we started that now look like genius moves :)

I would recommend consulting with your CPA/a CPA to look at the benefits of a cost seg for your specific situation.

The typical term of this loan is 12 months and rates range from 10%-12%.

And which of those is most beneficial given my situation?" 

We're currently renting downtown and looking to get started as first-time home buyers in an owner-occupied duplex situation to start our path in rei. 

What does the partnership split usually look like in these situations? 

So they often will reduce the leverage of the loan (getting 65% instead of 75%) or deny it (which isn't as likely). 

If it is with HUD, did they foreclose or is HUD servicing the loan?