To mitigate this, I've devised a plan that involves leveraging my primary residence.I've been residing in my current home for the past five years, which I secured at a very favorable interest rate.

I am wondering if it is possible to set up a legal self insurance company for rental property insurance? I am not talking about just dropping coverage and taking the risk, and I am not talking about dropping insurance...

However, there are specific rules and requirements that must be followed to qualify for this tax deferral.In the situation you've described, your client wants to use a 1031 exchange to buy his mother's land.

Any skepticism here in this forum does not mean he's any less qualified to do his job.  

For any property that looks interesting, I am sending the broker an email and if I don't get a response, sending an LOI and proof of funds to qualify my intent to purchase.

Rather than waiting for a "home run," think about beginning with a more cautious transaction, getting real-world experience, and then progressively growing your portfolio.You can employ house hacking as a strategy since you qualify for a VA loan.

The problem is that I can't get a loan - I'm too good at taxes, and don't have enough income to qualify for conventional products, and don't have enough portfolio, cash/flow, or experience to get hard money.

@Ran FridmanConsult with a qualified QI, e.g.

Most are like this: •Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Obviously, this can impact your overall cash flow. 6) it’s important to find an agent that knows the area well and understands how to work with an investor, as the process is very different than buying a primary residence. these are all things to consider, and there is going to be a learning curve associated with the process.