My brother in law knew of someone who retired, move to FL, kept his rentals in Springfield.

With TV shows like Flip or Flop, Flip This House, and Property Brothers more and more people are convincing themselves that they can rehab a property.

Fortunately, I escaped any legal trouble because I worked out arrangements with the original sellers and gave them their houses back.

My brother-in-law owns two FIG four-plexes and is very happy.  

My brother and I bought 11 SFR at that point, so I did have my 5.5 and thought I was done.Then, while bored during Coronavirus, I came across biggerpockets and was convinced that it was a great time to refinance and buy as much as possible. 

What am I supposed to tell my older brother, who worked at least twice as hard as I did but took out a gargantuan $750K mortgage on a McMansion five years ago?

Myself, Father, and Brother in law want to to begin buying rental properties and possibly a few fix and flips. 

My partner bought a studio, front line to the sea in Costa del Sol, initially just a warm escape from Chicago winters with no intention to make a profit. 

My brother is a broker for me and he said even with upwards of 90% of the mortgage being covered I would still only qualify for $450k and in my market I would only be able to get a little condo. 

My brother and I (who both have history of doing multiple live-in flips over the years) recently consulted with an attorney, started an LLC, purchased the BP state-specific forms, and have purchased one single-family rental thus far and are closing on a second singe family property that will be a flip later this month.