You can probably find a credit union that would do a cash out refinance for maybe 70% LTV and if the property is valued at 230-250K you could possibly put 161-175K cash in your pocket keep the rental in Toole and go buy a few properties in Florida or wherever you decide to buy.All depends on how much you want to leverage yourself out.

I was quite impressed and decided to affiliate myself with the LuxHomePro group at the Diamond level.

(No problem but 2 days to decide this after you apply?)

  $8,000 left.If you decide to update the electrical, plumbing, kitchen or baths, you're in the red.This deal makes sense for a handyman / contractor who wants to owner-occupy and wants a deal where he can do most of the work himself. 

The situation is this: My Grandfather passed about 20 years ago and left his estate to 4 children, uncle1, uncle2, aunt and my fatherThere are multiple properties/parcels (6 total) in the estate that are co-owned by the 4 siblings, all 4 names on the deeds.Uncle1 defaulted on his personal mortgageLien holder(bank) repo’d his home but home was underwater, and thus still owed beyond the repo.Lien holder found out about the shared/partner assets that uncle1 had with siblings and decided to go after themI'm not clear on the exact process, but I believe the bank will take possession of uncle1 (1/4) share in the partnership properties then will legally force the 4 way partnership to be dissolved through a court proceeding.The other partners or another investor are able to buyout the bank owned (1/4) share at an appraisal price.The appraisal is filed with the court so there are no shenanigans with valuationIf no buyout then the whole property goes to sheriff saleTwo of the parcels are rental income farmland, these are the ones I'd be interested in investing inNobody in my family nor my grandfather are/were farmers, the acreage has always been rented outI’m trying to determine whether I can buy out Uncle's1 share from the lien holder bank at the appraisal price with an IRA LLC and become the 4th partner?

You need to decide a few things first, like whether you want to be an active investor or a passive investor. 

Obviously if you decide to live in it, it kind of stopped being an investment, but rather an expensive house hack to some extent. 

That will be the first thing to decide and then you can define your journey more.

You decide to approach the owner directly."

No one can predict the future, but if you'd like I can send you a market update of how Neptune real estate is performing YTD compared to other nearby towns.If you do decide to pursue Neptune, my office just listed 3 properties there (one single family, 2 multi family) all at 60-65% of assessed value and for $175,000 and less.