. - This will allow low down payment and the 203(k) allows repairs to be financed into the purchase mortgage.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

@Godsheritage Adeoye when you purchase a property "subject to" the existing mortgage you will then make payments to that mortgage company. 

If you are considering buying using Subject To - Subto, it's important to know what your exit strategy is.Talk to a mortgage broker (not a bank) and ask if that is a property you will be able to get financing on in the event you have to refinance quickly, because the Due On Sale clause was called.AndTalk to a real estate agent about how much you would have to bring to closing in the event you had to sell quickly.

Deduct mortgage interest, property taxes, travel, and operational expenses.

Just note that if you want to put the property into an LLC and have a mortgage on it, you will need to talk with your provider to see if this is possible without refinancing.

My first mortgage was almost 11% and that was a good rate.

There are hundreds of hard money lenders out there, ultimately I'd work with someone who has time to focus on ensuring you get a tailored mortgage instead of a cookie cutter solution.

All LP equity gone.Even before interest rates took a huge jump: property bought with 75% LTV first mortgage, pref equity up to 90% LTV, and funded last with LP equity.  

Your quote are all across the board because some could be patching the cracks (cheaper ones), while others could be re-doing the section of wall with cracks (expensive ones).

The mortgage on this property is way above what I can rent to a family.