I wouldn’t want to hold the loan for too long, so ideally it would be a 5 year term, presumably ballon payment at the end.

Will the 35k be for down payment only?

With the hold periods on BRRRRs nowadays, your margins will get crushed with hard money interest payments/points/fees. 

Pyment is $1,054, but $625 is interest.If you sold current house and bought new one with same mortgage amount, but current interest rate of 7%, the payment would be $1,663, interest amount $1,458.So, the interest cost difference would be $833 month!

Seems like I could possibly get a duplex with that kind of down payment. 

I wanted to leverage as much as I can with the equity that I have on other properties that I have in my portfolio to use as a down payment for the investment properties. 

Have never missed a payment to investors.

Purchase price: $640,000 Cash invested: $220,000 Purchase price $640,000Got it at this price because there is a non-paying tenant in unit 2 (rent value $3,500), we're in court Rehab $60,000All in cash (rehab plus down payment) $217,500Rehab included ground level basement and 2 parking spot drivewayMonthly cash flow $1,500 ARV $950,000Equity $470,000Refi cash out (August 2024) $150,000 (used to buy new rental)New monthly cash flow breaking even (non-paying tenant still in unit 2)New equity about $200,000

if the note is currently in default and we can buy at at least a small discount, we may be able to restructure the note with no monthly payments - we would get paid all interest at closing when the property sells.  

Yes, when referring to “income is taxable to the person who earns it,” this applies to the individual performing the work, regardless of how the payment is directed.