The only issue that may arise is how you are going to finance the other property.

The one month delinquent loans increased by 11 percent while the over two month delinquent loans saw a rise of 21 percent in the second quarter of 2009.

Some popular options have been to split the costs of the renovation 50/50 upfront or have the seller take the costs out of the purchase price.An alternate option would be to set up the lease purchase agreement separate from a rehab/construction agreement.

Multi-member LLC's can help in asset protection by dealing with bottom up creditors (has a claim and/or gets a judgment against the LLC arising from the acts or omissions of the company rather than from the acts or omissions of a member, manager or employee)as well as top down creditors (gets a judgment against the member because of the member's acts or omissions, rather than the acts or omissions of the LLC, its managers or employees).

Don't confuse brilliance with a rising market.

Hi Candice, I will begin by saying that my ideas are not the most popular.

I know that is not the "popular" feeling these days when it comes to anything, especially mortgages, but it's just my opinion.

For this strategy depending on how many properties you want to buy in the near term - you will definetely need sufficient capital, fairly high income and prepared to deal with any issues that arise.

. - The offer becomes way less attractive than any other offer that is a conventional loan because the seller assumes that you have less cash lying around so there's a higher chance of the deal falling through due to failure to finance (which means you get your earnest money back, generally).Consider saving up for a conventional or 'Rehab' loan which looks much more attractive than FHA and is more popular in this market.

I work at the university and would be close for any problems that my arise.