The rates are higher than conventional but after 2 yrs you could refi.

No one knows when the market will actually turn...could be in 6 months or 6 yrs.

I'm 34 yrs old, and lived in Los Angeles all my life.

And some great computer and accounting training so could manage my own books for couple of yrs. than work for a property manager company and a apprenticeship with a real estate mentor for about a year or two on and off to really learn all parts of real estate in and out.

The house is free and clear with 2 yrs of back taxes and working on this yr.

(this portfolio lending I think)My options are1. 100k line of credit. 6k origination for 1st year (includes appraisal fees, title searches, bank fees etc) and subsequent years 2.5k2. 100k 15yr loan with 5yr at 6% and ballon payment at the end of 5 years3. 100k 15 yr loan with 5yr fixed 6%, 10 yrs variable with 4% floor and 8% ceiling Currently I do not have any properties in the pipe line for purchase.

They will also usually ask for 2 yrs of returns to verify the income.

I bought a fire damaged house and appealed the taxes which will greatly (by about a 1/3) reduce them for a couple of yrs.

Interest on the note is 3.25% ( WSJ PR) for 2 yrs and I pre negotiated renewals for 2 yrs after the 1st term.I would be happy to document everything on the project from the purchase thru completion if there is interest.I should add 2 different companies owned this before me and went belly up. 

I believe he's had trouble in the past selling this property, as I know it sold 4/5 yrs ago and he carried/foreclosed after 18 months.