There are a lot of neglected homes because that area is so rural. 

Buying hood properties with what is basically credit card debt in today’s market is so extremely high risk it borders on recklessness.

Hi Nate, glad to hear your son is so passionate, that's awesome. 

But this is so fun that I don't know if I can stop myself at 5.

I am super attracted to the idea because I love to fix and flip, and the emount of money to get started is so much less. 

I am not sure the Tenant is so friendly, my property manager deals with them.If you have a PM, they should answer this question for you and handle the process.You should notify the PM and update your PM Agreement, W-9, banking information, etc.

The foundation is so bad the house has shifted and I’m going to be spending nearly 40-50k to get this remediated.

Borrower Types: The Professional - HM Lender will cut sweet-heart deals to keep these borrowers around Experienced real estate investors Regularly engage in property transactions Typically have a track record of successful projects The Newbie - Charge Higher everything as the risk is higher as no experience Novice investors or first-time borrowers Limited experience in real estate Seeking to build their investment portfolio The Deadbeat - Only lend if the deal is so SWEET, they can't lose if they take the property from the Borrower Borrowers with poor credit history or financial difficulties High-risk borrowers May struggle to secure traditional financingThe lender will do an application on the deal/borrower and some standard docs they require are:Hard Money Application / ExperiencePurchase contractARV report – COMPS – See * Redfin*Pictures of Property – most people use Dropbox to shareProof of Funds – Down / Reserves (Bank Statements)Personal identification (ID or passport)But usually if the deal is sweet enough, they will do it anyway because if the deal goes south, there is so much equity/value in the property that the HM lender can't lose.

And the calculation windows for when interest is assessed would probably surprise most people, it's generally not what one thinks it is so often waiting to that statement does often incur interest charges. 

@Todor Ialamov Being conservative on budget and time is so important, and I completely agree about the importance of ARV and managing contractors carefully.