Freddie has a reno loan product that can be used for investment properties; this is only for first position, though.For the Heloc - it goes back to whether your mom wants to continue carrying the loan for income, and if so, how will you pay off the heloc once the rehab is complete?

Which is also one of the 3 fundamental needs of a business most often (customers, product/service, place of operation). 

Be ready for continuous learning and remember that networking is essential in this industry.

You might be able to get away with shopping and nickel and diming for a few loans, but once you start to scale, you will see how valuable having a lending partnership with someone that is well-versed in all mortgage products is. 

In the meantime, you're paying interest on the $448k.If you did your 3rd option, the seller is essentially becoming a Limited Partner in the deal, which I wouldn't advise unless the seller is very sophisticated.

I have a duplex I bought in 2019 for $62,000 that was essentially turnkey (off-market).

@Chase Calhoun - great looking product you have built.

So, just so I’m understanding correctly, unless the ADU has a driveway for parking of its own, then rent rates might go down on the actual house bc, essentially, the property land is being shared by different parties?

To stand out in the STR space especially you need to be very well accredited and offer and great and unique product.

FHA 203k is an amazing product and under used!