The low down payment helps me keep a lot of cash in my own pocket to support the rehab and stay liquid.Private money is nice, but sometimes can be difficult to use in conjunction with hard money. 

The loan is limited to 50% of the balance or $50,000 whichever is less.

So my suggestion would be to take cash flow you earn now, as is and use that to pay down the lowest balance mortgage.

If your ever looking to get a business line of credit one of the key factors is the age of the business and it’s balance sheet and P&LIf your business was profitable then absolutely keep it and just change the designation.

Phase 1: BRRR House 1 PurchasePurchase Price: $76,888Closing Costs:    $ 4,690Total Initial Investment: $81,578Phase 2: RenovationsReno Budget: $25,000Phase 3: RefinanceAfter 1.5 years of slow renovations the house was appraised at $175,000.Existing mortgage balance before refinance $61,5000Refinance Mortgage New Amount: $105,000Cash Out In Hand: $39,700Phase 4: Purchase Another House - BRRR2Purchase Price: $120,000Down Payment: $24,000Closing Cost: $5,500Total Initial Investment: $29,500Phase 5: Rent BRRR House #1Mortgage: $657Insurance: $75Total Cost: $732Monthly Rental Income: $1,450Monthly Passive Cashflow: $718**** I was really lucky with getting $1,450 as the monthly rent, was really expecting $1,300.

Second, on the selling side you definitely will run into a difficult situation now that you have to pay commission and closing costs.

When you do not live in the market, it can be very difficult to hire contractors, find a good PM etc.A Turnkey Provider should own, renovate, and manage the property all IN HOUSE.

I do not have any w2 earnings so I have been told that getting a loan no matter the money I put down will be difficult.

Never been there AH  you will no doubt love it or at least your wife will I bet... go by  7  New st.. the horse carriages go by there That's one of my new builds if the contractor is there his name Is Troy and tell him your a friend of mine and he will show you through..Also if you google  8 Woodal  go check that little street out I built all three of the new builds there .. and they are pretty cool but it gives you the idea of how things were 200 years ago with these tiny tiny streets and then you can appreciate how difficult these builds are with no room to move..  

I saw your post about this being difficult in CA.