So, if you put in 20K, you could set the bid up to the amount of the 100K total debt(80K existing + 20K additional) to ensure that the property reverts to you as the lender.

For a 90-unit project, this could result in a tax credit of $180,000, and for a 112-unit project, the tax credit could total $224,000.

They will issue an IRS Form 1099 in January, reporting your total taxable income to you and the IRS.

Quote from @Ryan Brown: Quote from @Mohammed Rahman: Hey, I totally get where you're coming from.

Quote from @Diandre Pierce: I have 7 rentals with a total available equity of roughly 800K.

GC in my area cost 10% of the total and I would say that is worth it for what they provide, but if you have the knowledge and willingness to be on the phone with subs (and spend a lot of time on site) you could save that by DIYing it.

They said it’s way too small for the price. (3,192 square foot total) 2,200 on the main floor alone.

I took the next 5 months to tackle everything myself spending approximately 17k in supplies and tools + paying a plumber and roofer 4k total to fix those issues.

You’re totally exposed to being strung along the way you’re doing it. 

Because buying a house in excellent condition and then totally changing the layout can be expensive, especially if it's involving load supporting walls.