If you find yourself in a similar situation, I highly recommend exploring the gift of equity deals and using sweat equity for renovations.

If they pass that smell test and fit our other criteria then it's usually a good fit. 

Good luck on your future! 

Or Option 2Option 2: Aggressive Buyer Terms – 5 or 7-Year ARM, 25-Year AmortizationFor the Seller: Larger down payment, shorter commitment, good passive return.For You (Buyer): Lower interest rate, better cash flow, flexibility to refi or sell later.Offer Price: $2M ($200K Discount)Down Payment: $400,000 (20%)Loan Amount: $1,600,000Interest Rate: 6% Fixed for 5-7 Years (Adjusts After)Amortization: 25 YearsTerm: 5-7 Year ARM (Balloon at End)Monthly Payment: ~$10,318 (P&I on 25-year am.)Why It Works for the Seller:They still get consistent passive income ($10,318/month).They sell faster while locking in cash flow for 5-7 years.If rates rise later, they can renegotiate or cash out.Bigger down payment shows commitment and security.I hope this helps

If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.

Hey Jack, welcome and good luck!

House is good, locational significance is not.

Lots of good content online regarding this process.

While living in a high-cost area can present challenges, it also opens doors to creative strategies, like investing out of state or leveraging partnerships.

It the equivilant of a very light sanding, then poly and looks good as new.