All are perfectly functional now, but could pull higher rent with replacing the flooring, and updating the kitchen.My current financing setup for this deal would be $235,000 from the HELOC I already have secured.

Securing a good lender can greatly accelerate your real estate investing journey.

Its market-ready condition and strong local demand made it ideal for a fast, profitable transaction, aligning perfectly with Partner Driven’s strategy of securing high-yield properties in promising locations.

Quote from @Brian Rocha: I'm looking to secure a HML for a fix n flip in Florida and for now and am only looking to secure for the purchase price only and handle the rehab costs myself.

We don’t try further diversification by investing in residential mortgage loans, mortgage loans secured by property outside the U.S., loans not secured by real estate, or loans secured by farmland, recreational land, or oil and gas ,mining.  

I noticed that the previous owner let them pay half the security deposit and the other half later, which is a red flag.

I would check with Dennis Kahn at Homestead Mortgage or another popular mortgage broker here, Zach Starnes or there are several other lenders that can re-fi off appraised value much sooner than 1 yr.

Renter's Insurance is a cheap date for the tenant; it protects their security deposit and assets. 

@Bob Asad at our bank, we have an escrow account for security deposits, it is set up with sub-accounts for each tenant with their security deposit amount and their SSN.

I was hoping for some idea to secure the Promissory Note but it seems that's not available.Thanks for your response.