If it doesn't work out, you can always sell - and after 2 years you don't have to worry as much about the taxes.

You need to protect your investment.You are going to have to put new tenants on a "management intensive New Renter" program for the 1st 5 months until the deposit is paid. 

I did not back out of the deal because I wasn't committed to it, the numbers just didn't work out for me.

If things don't work out with the guy, my cousin and I are putting together some deals in Waco right now as well.

How do you work out the handling of contracts and fees between the two of us?

How do you work out the handling of contracts and fees between the two of us?

Podcasts work out great for me as an outside sales rep for an aerial lift manufacturer.

If the flip property is purchased with this cash, you would have to work out between the two of you who is going on title to the new house.You also have the option of borrowing just the down payment against his house, and then financing the remainder of the purchase price against the new house, although that would be less straightforward than just taking out one loan.Keep in mind a lot of lenders cap the amount of cash out you can get at $500,000 or $750,000, but there are lenders that will go to $1 million and even more than $1 million.

I would do a cash-out refi and buy another one or move to another house and rent the one that you are living right now, as long as the numbers work out right.

While I haven't given up, I am tired of waiting for things to work out where I live.