@Dana Peters I believe you can refinance after 6 months so in that instance you should be able to get away with living there on a part time basis.

We had EXTENSIVE (possibly record breaking rain) these past couple of weeks.

There are many capital extensive projects that require equity investors.

This allows people to know when you are responding to their comment. for Instance I tagged you by typing "@Ginny P".

I have an extensive liability and insurance coverage, more than a developer and regularly qualify for government projects, I know what it costs, but whether im only making 300k/year or 3M/year, I still pay the same, benefits of having everything in-house and not contracted out, expensive to maintain but pays off in the long run.

I also drive for Lyft on the side as a source of income.My goals for the moment are to find some good deals on foreclosed properties and in turn use the profits towards a more extensive training and education.

Pete is that homes in a low end range typically need extensive renovation.

Start with knowing where to get private money lenders, build a list.Second, find a property you can get under contract and meets your criteria (i.e. 70% of ARV minus repair costs for instance).Third, create your Deal Analysis Report detailing the cost, repairs, ARV and your down payment.Fourth, submit your Deal Analysis Report to various lenders from your list in step one and negotiate a deal with them to close on the property.Fifth, after closing, contact some contractors to bid on repairs.Sixth, get your RE agent to market the property 2 weeks before work completion.Plan for contingencies and holding costs as well as alternate exit strategies.Hope this helps.

@Curt Smith, IMO, that's overkill if it's just @Erica Sherwood and a partner and the fees for the PPM alone in this instance are going to kill her.Erica, you can do this with just an LLC.

@genna you've got a dog there and no investor that knows what they're doing will buy it retail , REIs want under retail, like 20% below retail,  so that's not an option , trying to sell it to wholesaler@Genna GoldenA 1031 exchange might be an idea with people that are trying to avoid tax and they don't care about paying retail.To avoid any out-of-pocket I would try to find an investor will take on a  master lease with option, and they will guarantee you a certain rent, and They will take care of upkeep and repairsI don't know what your numbers are but you could try for a five year (1 year with extensions) MLO deal