I've been doing a deep dive looking at cash on cash return for various down payments and expenses on properties with a mortgage.

And I always see fixers at a decent price (if yo don't mind putting some money into it).I am primarily a mortgage lender, so happy to answer any questions about financing.

They will do a Good title search that no liens or mortgage issues with the firemineral rights transfer, easements, a survey, type things need to be clear.glad you escaped the fire with your health is main thing

As for the future of 2nd mortgages, it's tough to say for certain.

While I don’t suggest that the smaller type investor purchase and utilize “exotic” vehicles like foreign asset protection trusts, family limited partnerships with outside controls, or Byzantine or convoluted maze of ownership entities, the more simple strategies of using Series LLCs, self directed retirement plans, and paying off their home mortgage to the extent of the Federal BK homestead exemptions can insure that a plaintiff attorney never even considers going after them.  

Only mortgages as debts which are covered by rents.

I think your best approach is to pretend you are the investor yourself, calculate build cost (mortgage with interest) + Maint / cap expenses/ management fees according to your zoning and then compare that to the average rent in that neighborhood.

Keep in mind that many of these cheap homes are selling for less than a third of their insurance replacement value, which really means that the land has negative value - let that sink in.Most buyers who can actually qualify for a mortgage will get a PA for $200-300k and desperately want to upgrade their life.

I have about 150k equity in my home and have $215k balance on my mortgage.

I had another local realtor tell me it might be worth a shot at least trying to fill it as an MTR for the first 3 months of 2025 as I don't owe my first mortgage payment on my new home purchase until March 1st of 2025.