I know that ideally, I reach out to my broker or any other reputable insurance provider to get a more accurate estimate.

Apartments are the least ideal living situation for us, so what if we got stuck in a multifamily property we intended to just be in for a short time.

Do you have an ideal type of and location within TX/Dallas for a flip?

In the meantime I would love to have some helpful information or ideas to share with the buyers when we meet and ideally an agreement/contract we could fill out together once new terms are agreed to and then share that with the attorney so he could draft up the formal instrument for recording.If you have experience with this type of scenario, I’d love to hear any recommendations you have or any helpful resources you could point me to for the appropriate paperwork.Under foreclosure laws, you have to send appropriate notices and try to work with the borrower and offer a loan mod before foreclosure anyway. 

Investing locally would be ideal for sure.  

I attached some visuals to give an ideal of the type of area. 

@Adam Newman you will want to confirm this with the bank but you can’t take a loan out to borrow for part of the down payment so you’ll need to provide all the funds yourself or have a gift from someone for that which you don’t have.If you have a gift from someone to bridge the 20%, that would be ideal.  

It wasn’t ideal, but it was the only way to keep the deal alive.I made the drive to her small town, met her at a local bank, and had the paperwork notarized.

Ideally looking to cash flow positive on all properties.  

Ideally, this would be just one step in a larger plan to grow into multiple rental units over time.