I was 39 years old when we moved into our dream home. 

in what I just laid out, you'd make monthly payments to the seller just like you would to a bank for 5 years, and then the remaining principal balance of the loan would be due, at which time presumably you would refinance the house into a commercial mortgage and use the proceeds to pay off the seller. 

The lesson here is never buy into a property that you cannot take your family to and continue to research the area if you are banking on the neighborhood to be improved.

I don’t know if innovative per se, but I’ve been investing with smaller amounts (5k-25k) into large multi million dollar projects by leveraging the investment club model.

Quote from @Dana Hagans: Hey BP community, I’m looking into a potential flip in New York, and would love some insight from experienced investors.

Isn't that why many people get into RE? 

Not trying to jump into doing anything too quickly.

However, transferring your current home into an LLC may affect financing, as most traditional lenders require it to remain in your personal name for a home equity loan.

Are there any resources you'd suggest looking into to understand loan assumption, especially VA loan assumption?

The basement is empty and we are looking to finish the space and turn it into another unit.