I know I can just do a long escrow and start the remodel in January, but if there is a safer option where I am not making payments on the property during the next 2-3 months I would be open to suggestions.

If not, what are your alternatives?

I’m looking into alternative methods to house having and MFH run for $700k+ out here.At the moment, I live in a detached garage converted into a 600sf 1bd/1bth.Since the 700k price point for a duplex with max 3bd/2bth unit to rent it out of question for me, I was thinking of the possibility of picking up a smaller house with the possibility of converting a garage or building a separate addition that my wife and I would then be able to live in while renting the main house.I know CA is becoming very favorable towards ADU’s now a days and was wondering on if this could qualify as a primary residence for myself as well as me be able to use potential rental income for me to be able to qualify for a loan.Still new to BP and REI, I couldn’t find a google answer on this, so any help would be appreciated.Thanks!

Generally, these will be lower income neighborhoods which already had problems.BUT, for those neighborhoods which had a strong support base and higher incomes, they could afford to have a volunteer Fire Dept, hire private security to drive the neighborhood, and keep the quality of their education for the kids up via private schools, which are generally expensive.When the down turn happens, richer families which sought to save money and chosed to live in the lower income neighborhoods, find themselves leaving the lower income neighborhoods and moving to the safer, higher income neighborhoods.

We add things like security lights, fences, stuff like that to make them feel safer.

From experience with human beings, we always scout at least three other alternatives who can jump in and take over at any given time.

I just read $4.50 foot to install copalum in swiches and outlets...but there are little purple boxes that are alternative type of pigtailing. 1970‘s track house is a good first rehab...its a modern house.

Perhaps as an alternative you partner with your flipper friend where you contribute the cash and get a split of the profits in return. 

@ Garrett Foster   There are few alternative commercial lenders that will allow you to use a seller carry back.   

I have been educating myself on wholesaling recently as alternate route to create revenue to further my goals.