My agent is saying that we are unable to split the contract that way (or reduce the purchase price), so I'm trying to figure out options.

Hi Garry,To ensure your safety, it is highly recommended to visit areavibes.com and select the "See more crime data" option.

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

What’s your vision for your next property - do you see yourself leaning towards value-add projects, or are you focusing more on turnkey options?

Hey Jimmy, I'm not a lender but have a few good ones I can connect you with to discuss your options.

Home 1 is ideal for a fix-and-flip loan to fund the remaining $90K, which I can help you evaluate options.

Sounds like there are more than just 2 options. 

With the current mortgage rate constraints affecting how many buyers are willing to enter the market we are seeing a lot of borrowers have success with the BRRRR strategy with plans to sell in the next 3-5 years when interest rates go down.Researching potential LTR and STR rental amounts and seeing if holding for a few years is a viable option is a good analysis to do well. 

If I have several options, I would prefer a HELOC with no initial draw requirements (i.e. to establish a literal line of credit that I have no specific short term plans to use), i.e. not something like the better.com HELOC. 

Cleveland almost seems like the best option because of the affordability and rental demand, but worries me due to the high property taxes and lack of population and economic growth.