There are investors in my meet up group that clearly advertise for people in the same situation as you.

Lenders wouldnt lend to you in that situation. 

For other BPers - this thread provides more details on his situation than what's written above. :) 

That about sums up the situation right now, in my newbie opinion.I primarily focus on purchasing foreclosure properties from the Hillsborough County auction.

Your situation sounds very similar to the one I'm currently in.

They help you realize your construction dreams while minimizing the day-to-day stress and managing the details.Achieve Your GoalsGeneral contractor services take the stress out of construction projects, allowing you to realize your strategic goals without the hassle.

Without knowing more about your situation, it's hard to guess.Good luckBrian

I'd start by reading something like this - http://www.bizfilings.com/toolkit/news/tax-info/ll...and then go on to discuss the situational details with my accountant and/or attorney.

A hypothetical situation.

If you have the skills, the best situation is to find a property that needs work, complete some value-add improvements, then you can raise rents.