Many options only require a soft credit pull, and depending on factors like location, experience, and credit score, lenders can offer leverage of 85-90% of the purchase price plus 100% of the rehab funds.

Requirements for becoming a lender will vary from state to state, but at minimum, whomever operates/manages the company will likely have to meet industry experience requirements and will need to meet capital/bonding/licensing requirements specific to Texas.

WIth your experience, you could even target 3-4 unit properties at that time.Regarding "legally living in", you would have to change your address and actually live their as your primary address, but you could temp stay where you live now when you have your kids.

Depreciation: For investment properties, you can depreciate the property over a set period, reducing your taxable income.5. 1031 Exchanges: This allows you to defer capital gains tax by reinvesting the proceeds from a sale into a similar property.Feel free to ask any questions or share your own experiences!

Location: Springfield OhioIf you have no knowledge or experience, I recommend you hire an attorney.

Many flipped homes are bought by 1st time homebuyers that have no experience with construction.

Thank you @John Mason.Do you have personal experience with this firm or some you know is good and reliable ?

:) Happy to help, I have extensive experience there.

Just make sure they specialize in tax and have significant experience dealing with real estate investors.Here is a great list of questions to ask a potential accountant: http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpaAlso check out the www.NAEA.org page in your search.

Anyone had this experience before, and what happened?