I still don’t understand the purpose of the $50k balloon.....Are you saying you’ll make monthly P&I payments to pay off $600k on a 10 year amortization instead of $650k, leaving a $50k balance?

Suggest you go the electric route--less or  no maintenance costs, and when repair is needed, inexpensive compared to most gas fired boilers or furnaces.I would also have a small natural gas wall space heater installed somewhere on the main living floor (not in bedrooms) just in case of power outage and / or for supplemental heating.  

I am interested in buying foreclosure for whoelsaling, and for buy & hold purposes.

.- He then sells me a portion of the LLC for $500K.I see some pros and cons to both scenarios, but I mainly want to make sure that I follow the established process.  

Wholesaling Lease Options will be our main niche in our REI business.

With the rental property, my main goal is to find a Duplex and house hack it, so I can learn how to be a landlord and get some experience under my belt. 

Mainly, I've been looking at the MLS and Zillow (FSBO) without much luck. 

I purchased a single family home in 2013 solely for investment purpose and knowing that we would only live in it for 3-5 years and convert it into a rental. 

Hello,My purpose of getting into real estate is to help rebuild my community.

Make sure it is Certified,  Send it to their last known address, with a return receipt if it comes back to you, you MUST keep it for legal purposes.