I wouldn’t want to hold the loan for too long, so ideally it would be a 5 year term, presumably ballon payment at the end.

I would send them notice today that explains what will happen after the current one-year term ends.

@Allison Cutlip believe BP has leases for all 50 states and recommends RentRedi software.NOTE: the leases are very basic and short.

It's now converted into a cash-flow positive long-term rental.

We care about our investors' success, but it's ultimately up to each investor to take action to accomplish their goals however they do it!

Talking to people who’ve done deals in your market, both successful and unsuccessful, will give you invaluable insights and help you develop your niche.I know that’s a broad answer, but hopefully, it gives you a good starting point!

No equity, just a long term note.  

The big unknown is how deep the electrical and plumbing work will go.Also, with the attached 1/1 unit, I’m debating whether this could work as a long-term hold instead of a straight flip.

Quote from @Nate Marshall: Quote from @Robert Short: This is my concern as well.

It’s a great way to add value to a property without putting a ton of money upfront, and it can set you up for financial success in the long run.Has anyone else done a similar renovation project or used a gift of equity in their deals?