But if they are seeking to hold a property for any length of time and want their cash investment back there are some important rules to understand with conventional loan:If you buy a property with cash (or with a HELOC) you can receive a cash out loan on Day 1.There is not a 6 month waiting period with receiving a cash out loan if you purchased a home with cash or with a HELOCBUT you will be limited to the amount of....Your purchase price + closing costs (costs when you purchased the home)OR75% of the “After Repair Value”...WHICHEVER IS THE LOWER AMOUNT (super important)These rules are important to understand so here are two examples:Example 1: If you purchased a home with $50k of cash, and put $30k of renovations into the loan, and the home was worth $100k. 75% is $75k and $50k is your purchaseprice.

Because there were all these unknowns about the property (since we couldn't look inside before the trustee sale) we decided that we were only going to buy in neighborhoods that I knew very well (floorplans, rental rates, values, etc), and that we were going to run the numbers as both a flip, and a BRRRR, and whichever one would bring us the best result, that is the exit strategy we would employ.  

You can issue the 3 day notice before the end of the grace period but can't actually file until after 7 days or your 3 day notice whichever is later.Please post back if you do find the source of the requirement for a 5 day grace period.

(I could understand if you wanted to make the LLC a beneficiary, however that could POSSIBLY cloud your exemption re state transfer tax and/or bank exemption via Garn St-Germain.The title company and bank/lender will use exactly the same entity as whichever holds title either refi or purchase.

If its already using the 112 number then they go back to the 110 1/2 number.Or the other option would be 110 Elm number 1 and number 2,,,or "A" and "B"...Whichever works better for your senario. 

I would put $6,000 in whichever account I end up choosing.On top of these accounts, I will save $1,000 per month in my savings.

From there I would either continue as a full time engineer [continuing to build my portfolio] or full time real estate investor [whichever I find more fulfilling]. 

I have a rental that is almost paid off so I can refinance it or take a Heloc , whichever is quicker or better ...

If the initial purchase is in cash you can cash out 70% of  appraisal value or initial purcashe price which ever less.

Feel free to PM or post, whichever you prefer.