Thanks The Buyer shall not be allowed, under any circumstance, to receive funds from the closing that exceed the amount ofthe earnest money plus prepaid deposits paid by the Buyer.

This was negotiated down from the $565k asking (it was flat out over priced).The seller covered all closing costs, reimbursed all of our prepaid items (appraisal, home inspection, land survey, etc.), and covered some of our first year expenses (insurance, termite re-treatment and warranty).THE INCOME - $3820/month3/4 units is currently renting at $910.

I did not initially know I should bring cash to the closing of the relinquished property to cover "non-exchange" costs such as security deposits and prorated taxes, insurance, and prepaid rent.

I had a question regarding getting a FHA 203K rehab loan the property I am wanting to purchase was built around 1945 ( there is no Lead Paint ) as far as I can tell This is a distressed property , and needs around $20,000 - $25,000 in repairs done ( new roof, new A/C unit, painted inside and out, all new flooring, Bathroom remodeled some and the same with the kitchen, some electrical work ) The property is in a Trust , and my Mother is the Trustee of the property ( is was my grandmother's property ) The likely sell price will be about $55,000 - $60,000 ( this includes the pay off of the property, the repair costs, closing and the pre-paids )The pay off for the property is $29,000 The ARV ( from the research I have done, should put the property in the $85,000 - $90,000 range ) after it's fixed up I already have a licensed and bonded Contractor, lined up to do the work ( they have worked on and know all of the guidelines for FHA 203K loaned properties ) There is one thing I am a bit concerned about, and that is....

Generally, closing costs involve these: loan origination fee (a compensation to the lender, around 1% of loan), loan application fee attorney's fee, lender's attorney's fee, credit check costs, PMI mortgage insurance title search & title insurance for lender and title insurance for yourself.Seller prelim Title report :: hazards report :: Agent Commissions :: Existing Loan Payoff :: transfer tax/recording :: owners title insurance :: 2,400 (0.35 * sales price) attny fees :: liens / judgments :: hoa fees :: prorated property taxes :: ttermite inspection ::repairs (demand by buyer) ::Buyer Appraisal fee Origination fee Pre-paid interest Pre-paid insurance Flood certification fee Tax servicing fee Credit report fee Bank processing fee Recording fee Notary fee Title insurance

ACCEPTABLE USES:The following are acceptable uses for cash-out refinance transactions:paying off the unpaid principal balance of the existing first mortgage;financing the payment of closing costs, points, and prepaid items.

If not it is $10 to use their debit card and they have a fee to use a credit card.

In the deal I did, I also prepaid the property taxes.

Regarding the partner situation, they can't set up a debit card for my partner as he is not physically present, but I got one and we can operate online for any transactions.Overall I am relieved and I appreciate everyone for taking the time and helping. 

@Gustavo MejiaYou can also explore to wholesale the property as a back up option; to make some cash on the deal.See if you can find private lenders through the meet ups in local real estate meet up groups for possible partnerhip opportunity.You have to know the criteria for hardmoney lender like what is down payment you need to bring in, length and terms of the loan, credit score, debit income ratio or what was the objective of the credit report.