I have some of the required funds in a HYSA, but will most likely need to draw from another account and I'm curious which method is the most efficient in terms of taxes/capital gains, penalties, loan repayments, etc.Based on my previous transactions in the market, I estimate ~$45k cash to close: $20k for the down payment, $15k for closing costs and prepaids, and $10k of starting reserves.

A FHA 203k Loan is where the purchase price and rehab costs are rolled into a single loan.The downside of using FHA or a FHA 203k is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC.

Fortunately, I just call the bank and tell the address of the property I am under contract on, and when I want to close. 

I got a tenant two weeks after closing.

If you want to buy in University city, I recommend staying as close to the universities possible in order to attract the best tenants and have the best room for appreciation.

Some have closed deals, others have deals under contract, and any progress (big or small) is celebrated.    

My question is: when wholesaling, after finding a great deal, do you need real proof of funds to the get the property under contact or is there a way to get it under contract, find a buyer and complete a double closing/assign the right to sell without actually having the cash for the property? 

Hey @Jake AndronicoI know you specialize in Reno but since it’s close I thought I’d ask. 

I started off wholesaling and I closed on 7 properties.

I closed one for a 2-unit on the West side last week.