I am the first in my family to do REI and my goal is to break the tradition of working for a salary for 40+ yrs only to retire on what I hope will be enough to start living freely.

@Jay Hinrichs exactly the risk is even more than traditional development and the profit is actually less with more operational headaches.

Hard money loans typically have higher interest rates and shorter repayment terms than traditional mortgages.

That would be best option as a traditional bank wouldn’t do this I read that I can assume the existing mortgage.

Purchase price: $350,000 Cash invested: $10,000 Sale price: $435,000 Primary residence converted to a rental after 2 years.

If you feel ambitious, you could try a BRRR strategy adding additional equity to the subject home and then taking equity out of it to pay off either the HELOC or if you decided to the refinance the primary residence. 

If it is your primary residence as indicated, just sell it and skip the 1031I Persue all 3 payment options concurrently and see which pans out as your best deal.

Hello all,I just closed on my primary residence with an FHA loan so I am not able to house hack since I am obligated to live in the residence for a year.

Traditional residential home loan.How did you add value to the deal?

I have landlord policies for my rental properties in TX and AL states, but I am not able to get an umbrella policy form my current insurance company, because I do not have car insurance and primary residence in US, as I am not a resident in US.