You’ll use the banks money to completely fix it up, also increasing the equity of the property which comes in very handy when you’re ready to refinance to get rid of mortgage insurance, potentially pull a heloc, or just be more bankable in general.

My thinking is that if you had a legal agreement to make monthly payments to your parents, then you wouldn't need to get a bank loan.

@Angel Peng you can go the DBA route and use it to open a business bank account where tenants can make payments.You will need an actual mailing address though, not just a PO Box.

The tradeoff on the joint financing is going to be the (refi) costs associated w any transfer of ownership, HOWEVER transferring title to the LLC is unlikely to trigger due on sale (b/c it sounds like most banks simply aren't monitoring and/or enforcing due on sale in these instances) which would make the ownership (sans the actual mortgage note) more easily transferable than exiting your position as an individual owner?

You will have a difficult time operating the properties and will most likely fail to sell the property for anywhere close to the appraisal that was relied upon for the refinance.

There's nothing wrong with that and It's often impossible to jump from the lower tier properties to more expensive real estate after the first round trip because most fail to make a profit.

It's one of the few places where you can get a mix of great cash flow and appreciation potential without breaking the bank upfront.If you're curious and want to dig deeper, I’m happy to send over some resources that might help you get a better sense of Detroit as a market.

As for the outer banks of NC, I wouldn’t give them assistance either.

She was finally served the court notice after several failed attempts.

I was under the impression that bank statement loans are an option for self employed