We want to get a few rentals up and running and then (if all works well) begin bringing other friends/investors in to invest with us.

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

Upgrade to BP Pro, and post your deal seeking 50% LTV on the classified forum.  

To only invest $5k into the deal with those returns is fantastic. 

So are you saying the Mortgage One deal would be the way to go? 

@Jonathan Blanco, I'm and investor and a licensed mortgage broker so I've been on both sides of this conversation.I would look for a lender that (1) listens to you and understands your strategy and needs (hint: it's not always money), (2) has experience working with clients executing your strategy and brings more to the table than just cash - be it advice, relationships, deal-team partners, etc., (3) gives you viable options and explains the pros and cons of each option and (4) you enjoy interacting with - this should be a relationship, not a transaction.Once you find a few lenders like this (and you should have relationships with more than one), then you can start comparing rates and fees.

I'm just new to this world and wonder what someone with some experience would do.

They are the worst company to deal with ever.I then asked a few other real estate attorneys and their response was the same.The negative reviews shared are exactly what happened to me.In addition i have personally had over 100 loans in my lifetime.

What would be my best approach, I assume find a private lender and work out some deal with them.All questions and answers will help thank you.Normally the lender for the reverse mortgage will start a foreclosure.

Im also interested in starting to invest in housing whether that be flipping, BRRR, etcMy wife, 54, is newly positioned social worker and climbing to what she feels is her max with clients.