• Civil Integrity: Does the prospective tenant have a civil records history that would influence the type of renter they would be, including any history of previous eviction, owing money to previous landlords or poor landlord references due to payment or behavioral issues? 

You could get a heloc on your existing home to use as a tool to potentially use to buy the lot of provide down payment $.

Hard money loans typically come with higher interest rates (10-14%) and often have a balloon payment at the end of the term.

Maybe they’ve only missed 2-3 mortgage payments? 

INVESTA SERVICES OF GA CHRISTIANA TRUST AS CUSTODIAN; INVESTA SERVICES LLC CHRISTIANA TRUST AS CUSTODIAN; INVESTA SERVICES, LLC SERVICER FOR CHRISTIANA TRST.

Does the basis remain in place since the seller would presumably hold the title until the payments are complete?

You will have paid off some of the principal as well, but yes that ratio of how much of your payment is interest vs principal changes over the term of the mortgage. 

If you refi to a renovation loan by including the ADU costs + paying off the existing mortgage, would your total monthly payment be financially comfortable and agreeable to you? 

I was 4 months into my career post college so I emptied my savings account and loaned money from my parents for the down payment.

Listen to the last 6 months of BP podcasts and find local people you can trust.