We have spent the last several years reading (rich dad poor dad, total money makeover, etc.), listening to bigger pockets and other podcasts, and learning about real estate.

Quote from @Argel Algura: Hey Bigger Pockets Community,A year ago I wrote about rebuilding and starting over in life and considering real estate investing as a path (see post here: "Bad credit, minimal cash and starting over in life . . .

If you have equity and decent credit, a conventional Fannie Mae HomeStyle (or the Freddie Mac version) would likely be the better option instead of an FHA 203k loan (which will require a 3rd party HUD consultant to oversee the deal in addition to having the contractor involved). 

Sounds like a great “Rich Dad, Poor Dad” strategy…residual income, but for Tardus. 

Run credit and background checks, actually call the listed referrals, and ask for bank statements.

If you're focusing on rural properties, sometimes local community banks or credit unions are open to these types of deals.

@Andrew Self there are attornies you can hire to resolve your credit issues.

I have most recently read in the last 2 weeks, Poor Dad Rich Dad and Bigger Pockets Invest In Real Estate the Ultimate Beginners Guide to Getting Started.

If you ever incur a state income tax in MO, you would typically be able to take that amount paid as a credit against your KS taxes paid, so you won't end up double taxed to both states.

.- Institutional Capital & Private Equity: By moving from hard money to institutional financing, you can secure larger credit lines with better terms.