Do this for a few months – you may want to take a real estate course to get your license – Attend REIA's – BUT do not trust the sales pitches you will hear – I don’t think you should spend your money on those programs – if you want to spend some money – get a mentor –The candidate for your mentor should be financial successful – in many phases of making money in real estate; auctions, tax sales, lead generations, contract engineering, assignments as well as the many creative clauses’ used to buy real estate.I think you will do well – take it slow and easy – don’t be influenced by big talkers – counsel with spouse – create credit lines – be ready with a form packets of contracts – assignment forms – notes – disclosures and blank checks – study and learn from others ------ AND HAVE FUN – your journey to a better income and more of what you want out of life is exciting and profitable.

Downside: It cuts into your bottom line increasing expenses, having to endure ridiculous rules that may not make sense to you or your tenants, restrictions on the number of units the HOA allow to be non-owner occupied (The HOA can decide to limit, reduce or expand the number of non-owner occupied units at any time).

it does not sound like a deal that make sense, unless the seller are willing to short sale and still bank has the say on bottom line number.

Hi BP,If I was to line up a TB for a seller in a Wholesale lease option setting what costs would i be looking at for a contract review by an attorney, a review of TB applications (by whom...??)

I have put these numbers through a few different calculators available on-line, but want to be sure I am figuring this correctly. 

That would seem to indicate needing some kind of repairs right away. https://www.redfin.com/WA/Tacoma/5420-S-L-St-98408/home/2970534- Also from that redfin listing, it looks like the property is 2, 1 bed 1 bath, and 1, 2 bed 1 bath.

 A lot of banks go to 95% like Navy Federal or penfed and various other CU's.TCF like Paul mentioned is not a fixed or closed end second like you said you were looking for its a HELOC which is considered an open ended loan since its a line of credit and can be used, paid down, and reused/ "open."

It is 1500/1350 Sqft I believe each has 4 bed 1 bath.

Our county auditor site is nicely organized with bed/bath, square ft, etc. if a property seems to have sold for outside the typical window I see I look it up in Zillow or sibcycline.com (a local Company that stores the previous 3 years of sales) to determine the prior condition of the property.

If you have enough equity in a property you can open up a credit line backed by that property.