How did you finance this deal?

Lots of misconceptions about LLC's when it comes to financing real estate.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

We are building a place with HELOCs then after it is built we will finance it and pay off our HELOC, at least thats our plan. 

Creative financing options like seller financing or assuming a low-interest FHA loan can also help you secure better terms.

How did you finance this deal?

So many variables can turn a deal sideways from 1 hour to the next - i.e. inspection findings, title issues, contracts, financing issues, taxes, dept. of buildings/local municipalities, etc.I'm glad to hear you made it through the challenges, and it sounds like you'll be able to leverage this experience as you grow your portfolio.All the best to you along your journey!

My husbands aunt is selling it to us at a discount but is unable to do any sort of financing as she needs to sell it and get the funds.

I also want to hear from those of you who have transitioned out of a full time job by doing out of state investments/creative finance - how long did it take you to transition out?

It's meant for gap financing, so you can't compare it to a DSCR or some other kind of first position financing.