If you want to close with cash, it sounds like youre going to have to liquidate your collateral or borrow against it, which will likely be more expensive that a mortgage.

A great lake front home doesn't have to cost a mint but it sounds like you want something that is really fantastic which will bring a higher nightly rate.

But it sounds like a good opportunity for someone like Eric and many other Canadians. 

Thanks tons and if this question sounds very immature, i'd say 'that's about right' given how new to this game we are.Thanks again!

Sounds like there are more cons than pros. 

The cop sounded lazy or dumb to me.

Never heard of Investor's Edge, but this sounds like a straight up scam.

At this stage in my life, these equity plays are more impactful than holding onto a property for a couple hundred dollars of monthly cash flow.What’s your take?

Hey @Nicholas Hausmann - I can't provide much feedback on Springfield Illinois it self since I am up in Chicago, but it seems like from what everyone is saying it's a solid cash flow market.In general, it sounds like you have a solid plan...I recommend making some trips there to meet some of the local investors.  

Good luck getting your asking price - sounds like a great project.Have you looked around to see what kind of inventory is available for your next purchase?