I am brand new to real estate investing and still trying to learn as much as possible.

So, to play “devils advocate” here’s a possible scenario.  

Check if it's possible to cash flow or break even after you move in 1 or 2 years.

If any of you have done renovations in the Fort Worth area I would love to pick your brains to ensure I make as few mistakes as possible. 

From my experience working with over 400 investors, financing your first deal with minimal out-of-pocket expenses is entirely possible, you just need the right strategy.

I was very skeptical and cautious because I was relying on these business lines of credit to make this deal possible. 

That said, most of our DSCR options have had rates drop over the past few days, so right now is probably a good time to move forward (at an 80% or 75% LTV) as it is very possible to get you rates in the 8s and even low 7s right now at those LTVs, if your credit and DSCR ratio are good.

@Drew Sygit brings some good insight into the possible pitfalls.

I don't want to rent it out as it seems like an electrical liability - and I'm not sure if renting it to others would be legally possible seems how we don't own the land.

I say to look at these hard because these items can occur for a period of 12 months possibly without major issues of seeing large cracks or settling if a lot of water hasn't been present in large volumes.