Hey @Brad Roche - We do a significant amount of renovation loans (both Fannie May & FHA) here in Chicago and prefer the Homestyle loan only because it's less stringent on the borrow about what they have to repair, and they provide the general contractor a material draw at closing which helps the project start on the right foot.I thought the minimum down payment was 5%.

Proportional leverage (like 27% LTV) isn’t specifically required, but if you don’t reinvest the full amount or fail to replace debt, the difference will be taxed as boot.

Off the bat, I had a few questions that hopefully someone more experienced can help: 1. do auctions allow financing after winning the bid, or do they require entire amount to be immediately wired? 

Do you think it's common for a tenant to sue for an amount greater than insurance can cover, then take your property or even your personal assets? 

For 2024, the annual gift tax exclusion is $18,000 per recipient (rising to $19,000 in 2025), and amounts above this require filing a gift tax return (Form 709).

You have a 200k equity buffer, so you should be able to get closer to 130k from a LTV perspective - but will your rent amount cover that new loan?

Also, depending on the amount you get from your divorce, you might have more options. 

Your new ARV(after repair value) should be supported by an adequate amount of comparable sales in the area(duplex's).

You can select the amount of the deductible, usuallyranges from $500 to $5,000.

1.7 % of Loan Amount (Points) - $6,035underwriting fees - $1,400Are the above fees reasonable or not for refinancing a mortgage?