You can use a low down payment to get into a house and have renters help with your mortgage.

You mentioned buying a fixer upper with your HELOC and now are talking about a 20% down payment.

Do you have a reliable lender that you work with?

Layer on the ability to invest the funds that otherwise would go towards the down payment and transactional costs and you likely come out ahead in such a short term horizon renting.

You have a payment once you borrow against it, but not before. 

Have all payments from  the tenants go to your LLC. 

•Tax Savings Account: To save for quarterly or yearly tax payments.

After buying this house, I partnered with others to invest in a duplex in the Wichita area.At the moment, I’m living in Tennessee, and I’m weighing two options: either selling my house and using the proceeds to buy a duplex in Overland Park or Wichita with my partners, or keeping the house for another 3 years, transferring it to our LLC, and renting out the entire property to maximize its rental potential ( $1400-$1600 ) I currently owe $200k on the property with a 6.5% interest rate, and my monthly payment is between ($1,700-$1800).

Does anyone have or know where to find a reliable basic purchase agreement when the price has been established?

@Paola AstridIf you’re considering refinancing an FHA loan, it’s a great way to lower monthly payments or gain more flexibility.