So they would first payoff the first mortgage, if there is a second then $ goes to the second and if anything above that goes to any other lienholders or the homeowner.There are a lot of people who invest in 2nd mortgages because they are cheaper than a first, but in Ohio (not sure all counties) you have to pay off the first at foreclosure so if you do not have the money to pay off the first you are out of luck. 

I’ve been exploring buy and hold opportunities in my area, and I recently came across a situation I’d like some advice on.I’ve come across a property in my area that I’m very interested in, but I want to make sure I approach the situation the right way.

.📜 Know the rules – No "deal-making" in the forums (that means no advertising, pitching services, or looking for partners).

Just remember that wholesaling is much tougher than all the gurus make it seem to be, but not impossible at all if you create the right systems and understand, when you are new, that you are solving problems, not throwing cash.

The VA will not allow you to make payments during the build process. 

We plan on making it an Airbnb.

With the right resources and help, you can still make it happen.There are options that can help make buying a home possible today — even if your savings are limited or your credit isn’t perfect.

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.Good luck.

I don't think its as easy as people make it out to be. 

If you like the home, area etc, you could refi and pull out the same amount of money.