Initial purchase to buy/rehab should be around ~15%.

CES often have an initial rate that is lower than a HELOC.

Initially, I want to buy a little condo and rent it out, to start cash flowing.

The ($597k) is the initial equity invested, the $220k is proceeds from a refinance, and the $1.2 MM is sale proceeds. 

Hosting a session on this topic would be greatly appreciated at our Austin Real Estate Investment Meetup.

**Lower Initial Prices:** Buying early often means securing a unit at a lower price compared to completed properties.

You can also join a free session on Saturdays that teaches about entities and taxes.Anderson Business AdvisorsClint Coons Toby Mathis---The Tax Guy

The structure we landed on was as follows:- Fixed Builder fee of $300k (each project varies but are 2-6 units, and 5,000-9,000 total finished sq ft)- Fixed Return on all my initial capital invested of 50% (plus return of 100% of initial capital)- Remaining Profit Split of 60/40 (60% to me, and 40% to him)I understand a lot of this hinges on how accurate the proforma is and how close we can get to actually hitting our development costs estimates, build cost estimates, and sales per sq. ft. estimates.

@Dave Skow Exactly, the 95% LTV is what attracted me initially.

What initial steps did you take, and what advice would you give to someone just starting?