I do have monthly mortgages to be paid and not having rental income to offset my negative cash flow has been a learning experience and really trying to think of what options I have to have better success at this.

The IRS views this as a related-party transaction, and deductions like rent paid to yourself wouldn’t qualify.

I have successfully used a home warranty before and was grateful that I bought the plan.

Has anyone been in a similar position, or has had success offering this type of agreement to a previous owner of a property who has not yet voluntarily vacated?

We found it very successful to do direct marketing along with cold calling.  

There are also 'mezz' lenders (typically for larger transactions) who will cover up to 90% CLTV and require you to bring the remaining equity to the deal, and additionally there is Gap Funding in the form of unsecured personal debt.The latter can potentially be the most expensive option, but allows for true 100% financing as there are no restrictions for how to use these funds, as they are unsecured, and generally obtained through personal credit, income etc (since there is no collateral for obtaining these funds).

Congratulations and I wish you a ton of success for you and your little one.

Wishing you the most success on your future! 

It’s a great way to add value to a property without putting a ton of money upfront, and it can set you up for financial success in the long run.Has anyone else done a similar renovation project or used a gift of equity in their deals?

Hello, everyoneI would like more information on how to successfully complete real estate wholesale deals in Florida.