Hey Joel, WELCOME to BP!!

My thinking is this leaves me with two paths: A) Best case is I pick up the foreclosure for $1M, immediately list it for sale at $1.6M or more and hopefully sell for a > $500K pretax profit. 

Hey Everyone! I just got into selling investment real estate and am always looking for new connections. If you're in the DMV/Baltimore area, please reach out! 

This ties up the seller’s property with no real deal in sight.3.

Spending more than 100 hours and more than anyone else, or substantially all the time in the business.So if you own an STR and meet the test, you can set up a tax deduction machine.Some issues -- You have to count your time, and the time other people work in the biz (cleaning, maintenance, etc..)- If use the property more than 15 days or 10% of the time it becomes a residenceI suspect this is part of why the STR trend has picked up so greatly amongst professionals working in tech.

As far as capital, most investment loans would require you to do 20-25% on a SFH.

Thar's gold in them ther' hills", if you know HOW & WHERE to look.We've got all of Detroit's 183+ Neighborhoods mapped on our website - which can help.DM us for more info...

Do you have a way to secure more off-market deals? 

Nice - congrats - hard to find Multifamily DSCR Loans at that size but looks like you successfully executed!

If it's owner occupied, you're fine to close it however you want.Not legal advice: https://hoplerwilms.com/blog/2023/11/20/what-is-the-garn-st-...