Maybe also consider a hard money loan to acquire and rehab and then force some appreciation to cover the difference on traditional financing?

My wife and I currently have an investment property in the Elk Grove area with 140k in equity and a home in North Oak Park with 90k ish in equity that we're currently airbnb'ing but would prefer to not have to go through the hassle of refi or pulling cash out with a traditional bank/credit union.Both have credit scores in the high 700's, low 800's and debt to income ratio of about 25% with a potential of being closer to 10%-15% if my wife finds out she passed the CA Bar this upcoming Friday!

It would be enough for a down payment on a home but being a 1099 employee it is rather difficult to obtain traditional financing.

I backed out because my lender, a traditional lender, would not loan the amount for a 2 unit place.

If i sell my former primary home on a land contract vs a traditional sale, am i still eligible for the gains exclusion?

Traditionally I've subscribed to this view myself, but I've started to question this thinking:Fed rates are a major aspect of mortgage rates.

@Ada Tor What if you could generate better returns than traditional multifamily properties AND use the property whenever you want.

@Jonathan Depa I'm not sure that short term properties are dealt with any different than long term tradition rental properties, but in 2009 Fannie Mae increased the number of properties that a bank or financial institution can finance to 10. 

I also have 2 years of construction experience from high school and absolutely no knowledge of this business before recently, so I could use a mentor for awhile getting up and running - especially with details like taxes and different types of contracts other than traditional assignable and buy then sell.

Arlington has traditionally been more expensive than Alexandria despite the fact that the metro misses most of the neighborhoods in the heart of the County.