Repair costs in first 1 month of owning (this is renovated house done by seller, not me.

The mortgage would stay under the seller's name.The buyer could then rent out the unit, renovate, etc. to increase cash flow or make more money.But aside from a possible "due on clause" being called by the mortgage company, what's the benefit to the seller?

One of the biggest challenges of investing in Rustbelt cities is knowing where to invest and properly understanding the cooresponding pros & cons.Here's copy & paste advice we share to help to address this challenge:-------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

Your background as a licensed architect with experience in commercial and residential projects is an incredible asset, especially here where so many members are navigating construction, renovations, and design challenges.Out of curiosity, have you worked on any projects that were particularly challenging or rewarding?

When you start to do a lot of projects, 50% is a lot of money to go out when you are scaling, finding deals, and doing all the other footwork.

And along with that, any insight into GP/LP on a project like this would be helpful.

I bought a single family home for cash in November, did the renovations and now have tenants.

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

@Timothy Frazier Yes, the only reason to use HML as a down payment is if the property is "mostly turnkey" AND you don't have the funds to renovate AND you have strong CMA comps from a real estate agent that supports that the fact that you are buying a property that is under valued AND your renovations would push that so that you could refinance.

This generated $2M+ in equity, and thus is highly lucrative, but takes 2-3 years.Note worthy: I am located in California, but I did this project in Canada.