Efficient negotiations secured the property for $200,000 under favorable terms.

@Seth McGatheyTypically, a HELOC (secured loan) is better for your credit than a credit card (unsecured loan), which is affected by a credit utilization ratio.It is important to note that a 0% interest balance transfer card is far from 0%.

It's a bit of a tough position especially if they have been living there for a long time with the previous owner without having a security deposit.

I have there $575 security deposit.  

@Melody T.If this is your first syndication, I would schedule a call with a securities attorney and have them walk you through the PPM,.I would also hire a consultant to get answers to all the questions you posed, from fees, to alignment in interests, to the deal itself and the underwriting.Good LuckGino

Someone should have done a better job of inspecting prior to returning the security deposit. 

Are the investments you offer registered with the SEC or Virginia Division of Securities and Retail Franchising?

I’m the meantime I was able to find a new tenant who has paid the security deposit, first month rent, and has scheduled utilities to be transferred to their name but no lease has been signed yet.

Also don't forget to get an extra bank account for security deposits and set aside money for repairs.

I've purchased the property, ALL CASH, and have secured funding for the build.