For the Average buyer this would have been disaster.. we simply built a new construction on it and did OK.. but this full blown rehab can be a real challenge for many .. its one thing to replace kitchen baths paint carpet roof.but when it comes to structural or these really old houses you get from Charleston north into New England.. etc its far more complicated and risky.

You may want to consider that the interest rates are continuing to creep up, and in 6 months they may be higher than they are now as a result you may want to hold out a bit longer on the refi. make sure that the deal at whatever rate you choose meets your financial objectives just incase you cant refi for whatever reason at the time that you initially projected.   

but he is online with Assurance Financial

Definitely get your personal financial situation stable so you have a good foundation to leverage off of for years to come.

You just have to be qualified financially for both mortgages if you don’t put a renter in it.

@Wayne Brooks  and or for tax reasons.but I would wonder is it not financially feasible or just not something this guy wants to do.if it has market value buy it and resell it.. if its in an area like many markets were bare lots have zero or negative value since existing inventory can be bought for less than replacement cost then.. its a tough one if they are adding value to the price of the home.out our way extra lots are GOLD and highly sought after.

I started my marketing for wholesaling three months ago but then almost immediately ran into severe financial issues that I'm still trying to dig out of (I'm aware of the strategies like those mentioned in @Brandon Turner's recent video of what to do when financially struggling https://www.youtube.com/watch?

We have a very successful portfolio of properties that fund our financial freedom. 

You can learn more at vipfinancialed videos on youtube for further research on using debt to achieve financial freedom in a short time.

I am currently a music teacher, and I'm looking to invest in real estate for financial freedom.