Your remaining mortgage will be smaller than you would typically pay somewhere else in rent and you will have your tenant on the other side helping to pay off the rest of the mortgage.

I have been rehabbing houses in Milwaukee for 15 years and I am on my jobs at least 2-3 times a week - even though we use the same trades and typically do the same work.

Typically, you’ll need a promissory note (outlining the loan terms, interest rate, repayment schedule, etc.) and either a deed of trust or mortgage to secure your interest in the property.

However, the article notes that the typical line offered is between $1M and $5M.

Since the adjustment, we have not been paid in full on the first of the month.In my experience, it is generally preferable to rent to lower income folks with no credit that are typically found in the same neighborhoods, such as recent immigrants.

@Brody Veilleux FHA 203(k) requires you to get bids from licensed contractors, so lender knows you have accurate numbers.Once you close you can typically do the work yourself, although you won't get draws/funds for your own labor.HML will require the same.

HELOC isn't a typical loan.

The tenant moves in next week and I will be doing a unit walkthrough and orientation with him where I will go through the key parts of the lease since he didn't sign it.A couple other things that are different from typical MTR stays:- They are not using my property management software (RentRedi) to pay rent.

So, not knowing your investment thesis, but for us, our strategy is patience and going after deals that need far more than any typical homeowner will want to take on.  

I am curious what typical seller financing terms/structure might look like.