If the borrower is relocating and re-establishing residency in another area not within reasonable commuting distance from the current principal residence, the borrower may obtain another mortgage using FHA insured financing and is not required to sell the existing property covered by an FHA insured mortgage.

I kept the huge failure inside for years while I tried to re-establish myself as a legit wholesaler & then rehabber - finally, when I told others about it, it helped me let go and truly propelles my business forward.I wish you all the same.

Otherwise you would be looking at large down payments using non-recourse loans which in and of themselves are difficult to get.Once you establish a good banking relationship with a local bank you may find it could get easier.

As far as I know there's not an established investor community although a lot of people build apartments on the lower level of their private homes.

Do I have to have an established business with EIN and all to qualify for a commercial line or commercial loan?

I currently do not have enough established credit for bank financing, I met a local investor willing to do a lease purchase agreement for several of his properties.While having a conversation with my dentist, he said he was looking to also get into real estate investing and would be open to partnering.

@Rolanda Eldridge We love raw land.I use landwatch, zillow, trulia on a regular basis and sometimes eBay to establish comparison values for vacant land.  

@John Harrison In my area the HUD FM rent is established as the same for a 3 county area.

You could itemize the work into specific areas such as painting, electrical, carpentry, roofing, drywall, flooring, appliances, caulking, plumbing, trim, siding, etc. in order establish the amount of work involved in the restoration.

When you finally find that distressed property, that has been managed poorly over the years, you will have a network of people that can't wait to invest with you because you have established yourself competent, and trustworthy with them.