Once I have located such a property, I buy their property for below market, (instant equity) no bank qualifying, no credit checks, by offering to take over their loan and make their payments for them.

I have not done a seller finance deal before so not sure what to offer on down payment or terms.

With an FHA loan I would easily be able to buy the land cash and have the down payment.

We can get a second home without putting anything down (VA loan), move into the school district we want and a much nicer home for our growing family:Current home (want to rent this out):One of the largest lots in the area 1/100 lots in an area with 1000's of properties that has navigable water which is our water, at 2.75%, 280k remaining $1650/month, rents $3000 mom will be lending 25k over 5 years at $500/mo payments, and we will use a property manager $300/mo = rental take home of $550/mo incomenew home (hypothetical estimates):$550k @ 7%, paying ~$3300/moWe will have a period of 9 months starting Dec 2024 where we would be at about -$100 where our older daughter goes to pre-k for $1150/mo and infant is in daycare for $1650/mo.

Someone who has missed 2 payments vs someone who’s home is about to go up for action next week.

Establish an emergency fund, manage your debt, and save for a down payment to lay the groundwork for your financial future.

Instead, you might ask a portfolio lender if they'd forego the down payment if you give them a second lien position on the other property as additional collateral.

Hard money, and I sold my car to pay for the down payment How did you add value to the deal?

My question is, whats the best way to finance it- I can use the HELOC for down payment for a conventional loan, but then how would I have the funds for the rehab?

Here is how most work:•Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.