I explained to them how they could try to move a little further out of the city where things are in the high $300k range and maybe get a finished basement and rent that out (househack), but they are clear that they do not want to be responsible for tenants if they have to sell.

Fortunately we invested in a set of videos that explained the process and offered some resources for this which is how we learned to do everything and knew what to look out for in terms of not disqualifying our retirement plans!

Your situation is not that unusual though that won't make you feel any better.You can try contacting the title insurer and explain the problem but keep in mind you are not their insured, your lender is. 

Ok Great thank you, I asked and he said no but did not explain but I will have to ask another tax person to explain why for Kentucky.

But it all depends on the deal, how fast you can finish renovations, find a buyer, & close.If you’re just looking for long term wealth, then you could do a BRRRR, buy another property and continue on that path.With $40K you could even invest passively in multifamily syndications, and over a 3-5 year period get over 100% of your money back on average.Now every deal is very specific to market conditions & the operator of the deal, but nonetheless, syndication is an easy way to build wealth.With everything going on right now in the economy, I would be weary of jumping right into real estate without first having a SOLID foundation of knowledge in how to accomplish these investments.Things are changing rapidly in the real estate world, and if you aren’t prepared, then you’ll be washed out and broke in no time.You’re welcome to check out our website which explains everything you need to know about multifamily syndications and the market.All in all, if I were you, I would do some more research on whatever method you choose and then become the expert in that niche and your local market before jumping into anything and spending $40K.

Thanks in advance...I would talk to a local lender who does investment property loans and explain to them your plans.

Can someone explain how escrow works?

I own a property there that I usually use as an example whenever I speak and it always gets a laugh when I have to clarify that its pronounced PEWsey not the other way with 2 s'...Always fun explaining it to banks too...

I would greatly appreciate it if anyone could help explain some of the important aspects of the wholesaling process or point me in the right direction to find good reliable information on wholesaling in Nebraska.

Talk to your tenants and explain that costs have been going up.