I also suspect the vast majority of lenders will take exception to your mom being the 1st position lien (look up strategic default).

@Connor Wohlenhaus I'd recommend looking up the terms and service you signed up for and see if you are even entitled to a refund. 

when I get into the weeds of the day I end up using the usual abbreviations and slang terms lol. 

Buy: $284,900Rehab: $115,000Holding: $16,500 Points: $3,413 Selling fee: $30,000Insurance hold: $2,000-$2,500 (maybe get back $1,000-$1500 if you close quick)Other title/escrow purchase: $2,500ARV: $500,000Profit: $46,587 (9.25% approx) I would do the deal, especially if you get that gap for rehab closed 3-4 months and tighten up the rehab costs too ($100,000)   Appreciate the breakdown!

@Victor YangWhy are you not reaching out to a NC real estate attorney to draw up a document that spells out the agreement that you are looking to do with the tenant?

Houses are mostly at least 450K in the area.Thanks for any insight!

Run the numbers on both options and go with the one that builds long-term cash flow while keeping you financially comfortable.Good luck!

come on now.. we all know these are fake lenders.. its simply not real.longer term fully doc  sure.. 

I have been told that systems for blanket loans only allow up to 4 units.

Quote from @Quan Pham: I'll give you the easy answer: sell.If you were fired up about owning an investment, I would recommend keeping the house as a rental.