I invest in the SW suburbs like Berwyn or Lyons, because they are close by and I know the areas.

And even when you do refinance - it will take a year or more to recover the costs associated with the refinance (the closing costs they charge for the refi).  

The roof and the floors were not huge costs to us the buyer, as the seller filed an insurance claim for water damage just prior to our offer closing.

My plan is to use the grant to purchase  a duplex  and live in one side for free or close to it.

Closing on one in Canton this week. 

Check deals closely and link up with folks who can help.

Thank you @Joyce Beck... unfortunately with this forum we cant post any websites or any specifics for our projects.. so we wont be able to get any real help of advice for our specific needs... as I was hopingIts been a challenging climb I tell you on this level of Project... and Yes I keep forging ahead with Gods leading, guidance and strength.. step by step.Most are fascinated at how far I have come and now need to find additional investors to get to the next level... constructionI have permits and everything nowI even have a SBA approval but we are over the $5M limit so need Bridge financing to close the GAP of $2.7MI have come too far to stop now... 

Try to get to know them, let them know what you do and ask them what they like to buy - you may be able to flip them a deal in the future.Not all banks get financially satisfied at the auction - meaning if the property does not sell for the mortgage balance --- if that is the case - you need to meet with the trustee after a no sale and negotiate a cash price with the trustee - he is obligated to pass along to the lender.Make sure you are well prepared with a deposit at the auction, education of the value of the property and cash to close the deal.

Most hard money works 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.

Quote from @Cheryl J McGrath: I'm having issues getting property under contract.Agent/seller wants a pre-approval of funds first.I can't get a pre-approval for every property or is that the way it works Thanks How are you going to close without the funds?