I would just prefer to keep my cards closer to home.

You have a variety of options within it.....assignability, inspections, clear title, etc.

Im thinking closer to $1200 if it wasnt trim/doors/basement.

I was thinking about setting a cash price but offering a note closer to market price so there is a legitimate discount to the note buyer.

If you buy and hold short term, say less than 10 years, you can probably use something closer to 40% if you budget fixing everything when you close on the property. 2% rule... that's a new one to me.

Another issue is zoning as a special use permit may be required, having special needs or more than 3 unrelated tenants is sometimes an issue.You may also be subject to inspections and ADA requirements, hard surface floors wider doors, etc. it's no walk in the park.After you get the permits and modify the place, you will get higher than market rents (due to mods) but you're also pretty well locked in to renting to that NP/agency, can't really take them to the cleaners as they can move on leaving you with a harder to rent dwelling too.Insurance will be more and you better keep the place up in tip top shape.

But if you pool their money, you're much closer to "selling securities" and all the baggage that entails.So, if you're trying to do fix and flips, and this person really, really trusts you and you're confident you won't hurt them, then doing this as a personal loan may be the right approach.

No way.Most of the termite companies here accept payment at close of escrow, from anything as small as inspection and letter, to full on fumigation and repairs.

The house was in a profitable neighbor and was in the family for ages but was vacant and needed some updating to state the least.When the homeowner asked what was his offer over the phone; knowing the area comps and guestimating on the rehab(because he hadn't inspected the property at all) he stated 'somewhere between $65K and $85K'.

You'd want it to be 1k/unit to hit the 2% rule, but I'm guessing it's much closer to half that.