Also I agree with another post before regarding the complexity of structuring a deal like this, which would also turn me off especially if I was just getting started.

Isaiah, I would suggest starting out with doing some research on some of the available platforms like AirDNA.

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

Some expenses, such as utilities, property taxes, and interest, incurred during this period may also be capitalized.

ThanksCongrats on starting your RE journey!

If you do decide to start flipping homes- as a new investor you can either self finance with all cash, or you can contact a commercial lender like myself and expect terms to be 75-80% of the purchase price with 100% of the rehab financed through a draw.

This is where I started as well, and then about 5 years later I was able to leave my W2.

Investment Info:

Single-family residence buy & hold investment in Rocky Hill.

Purchase price: $270,000

We bought our primary residence in 2012. We then purchased 2 houses for investment purposes.

...

It's a great start!

Need more information surrounding why your current lender is suggesting they cannot utilize the rental income on your investment property.