Excellent points about checking the different documents and thinking of a Plan B (just in case).

I'm not sure I can copy and paste my Excel spreadsheet, so i will approximate the numbers here.Strategy:Take a Home Equity Loan (second) on our primary @ 5%.Pay off existing HELOC (variable, at 7.5% now), use remainder ($120k) to buy the land (plus 30k of our own cash).

Make sure, before you purchase, that you have an excellent team.

Relationship is important with landlords and tenants, especially with small time landlords.

You develop relationships with a handle of people that are creating notes and you help them recapitalize, it is like a conveyor belt of deals coming to you.  

She goes on to say that for her beginner investors, she doesn't let them buy over $100k total (including purchase and rehab), she already has a tenant pending for a particular property she currently wants to sell, already has a good relationships with a lender, and doesn't let rehab go over 2.5 weeks. 

Besides, it's always a good idea to build a good relationship with the Planning and Building departments. 

If they have excellent credit, great job history, great references and you met them and got a good feel. 

Work with a tax expert and real estate attorney to finalize the deal and navigate zoning or financing complexities.This post does not create a CPA-Client relationship.

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