Also what if I tie up a house on a option to buy contract and find a buyer who is using a real estate and is pulling a mortgage loan for the property.

Purchasing a 4 unit home using a master lease for the first year, then getting bank loan.

I'm actually using a private lender for my nextpurchase in your area, but I'll be able to do that because I'm buyingit way below market value and plan to refinance with a commercial loanin a year.

We want our first house to be a multiple family rehab that we will live in and rent the other(s) unit(s).We will be using a FHA 203k for financing and have already selected a couple of great properties!

Using a HELOC is fine for short term financing needs, not long term as these loans can be called or modified at the whim of the lender basically, read the fine print!

My question is, describe how you made money on your first deal using a BP member, techniques, strategies, tools, etc.

My ultimate goal is to build a mostly self sufficient process where I am using as little bank lending/HML/PML as possible.

Is it possible to get the duplex using a conventional loan, then buy the house using a FHA loan?

The tow company then has a method to sell it using a mechanics lien.  

With the quality trades booked, you have holding costs to consider and if you are using a HML, that can add up quickly.Assuming you are correct with the ARV, 175K - $50K = 125K.