There are attorneys who specialize in this area of law in NYC.

Some of these renters are capitalizing on low interest rates and choosing to buy, but many are unable to buy due to lack of down payment or credit factors. 

The reason being I have to build up my credit score before I can get approved for a loan. 

The obvious answer here is to somehow get some income and start paying down the credit card debt. 

When you first approach the homeowners about helping them out of their property, you'll want to let them know that you aren't going to save their mortgage you're just trying to give them a clean escape from having that defaulted mortgage on their credit.

I specialize in STR and co-living and both these strategies work best closer to the downtown and college areas.

Focus on keeping upfront costs down and shop around for lower interest rates or lender credits.

I would also only do this if both properties have solid appreciation potential.If it was me, I’d consider trying to get a HELOC on the first property and use the funds for a flip or a BRRRR so I could pay back the line of credit within 6 months and then go do it again.

@Travis BoydConsult a CPA or attorney specializing in real estate investment before forming an LLC.

We offer it at TFSB but it does require the basics like qualified credit score, DTI ratios - Must have W2 or (2 years of 1099 income) to qualify.