i called yellow letters and inquired about it too. the problem is that i have a full time job, hate to spend 30k (~$5k times 6 tries) with the hope of landing a deal. i think i am better off not talking to homeowners and leaving that difficult part to someone that's great at doing it.CL is a great suggestion, btw. last time i looked there were just dumpy detroit houses, nothing in farmington hills, westland, redford.

Don't make it difficult for her.

All of the previous reasons add up to the fact that it is very difficult to start a business, high risk and hard work. 

Just any fyi it can be difficult to get a commercial loan on something that is 1-4 units.

Why come out of pocket at all and deal with all the difficult cash out refi rules?

I would imagine it will be hard to get any real appreciation out of this, and difficult to sell.

After you have 4 financed properties, it will be more difficult to get a HELOC and you will probably need to leverage equity using a commercial loan.

It can be difficult, but it's about the only way to build credibility without your own funds.

Essentially, my plan is to learn, network, tighten up my credit, raise capital, and pull the trigger within the next year (my original plan was within 9 months, but that would mean purchasing in December...I'm afraid it will be more difficult to flip a house in this area during the winter and I want to minimize holding cost as much as practical...thoughts on that are appreciated).That said, I'm a clean slate ready to absorb all the knowledge and wisdom from others in the BP community.

In my personal life I've had a difficult path.