I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

We will see more investors walk away because the properties aren't performing well, but other investors will pick them up and the quantity will remain high.Rates are anyone's guess.

Be sure to pay attention to anticipated ARV and max LTV on the refinance, as well as seasoning requirements - this is where I usually see people run into problems.

Well, guess what?  

I have definitely been looking at Florida as well. 

I'm sure the BP community would love to be continually updated as well on your progress.

U need to talk to a local that does septic systems  just like a good well driller they will know the areas generally that are a problem..

@Anade DavisFeel free to send me a direct message if you have any issues with our comps, or use the live chat on our website (blue button at the bottom right) to speak with our support team in real-time who would be happy to help you as well.

He is renting the unit and will carry a bit of debt for a couple years but once he is clear of that he will do very well for himself.Park owners want their empty spaces filled.