Matt: great decision, as I was reading the first post I knew this was not a good deal at all. you were very close to the ARV and I question how your realtor came up with his initial estimate.

Tell them you have a bank pre-approval letter for up to $XXX amount.Look at properties that can generate good rent/price ratios.

@Julian JosephI think the better question is " how much is it gonna cost you initially to cover your student debt payments"  1- Figure out your debt payments2- Buy a 2-4 units using an FHA 3.5% down 3- Use to cashflow to cover your student loan debt4- Refi conventional after a year and pull your a sum of money out ( preferably more than you invested) 5- Use that money to start investing without having to worry about your student loan payment while building equity6- Start making some real money in Real Estate

In other words, you'll provide 100% of the rehab amount, but your borrower will come out of their own pocket initially to start the repairs.

Generational shift; younger generation likes to not work for the sake of working and have a different concept of what quality of life means. 

These kids are beyond Generation Z.

If they had told me it wasn't working, likely in common area, I would have had him cease work, write on service charge that repair was in common area, couldn't fix, and then dealt through the HOA and asked them for reimbursement of the initial repair bill.  

Plus my initial thoughts for purchasing were strictly for a rental eventually, and I'm in a great A location next to so many things, and Portland has already started spreading out where I am and developing the area for huge growth. 

Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule: The program has a maximum 4 draw process.The initial draw can be up to 25% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information: Signed Draw Request by borrower and contractorSigned All Bills Paid Affidavit review and approve the draw request and will release funds for disbursementA check will be issued in the name of the borrower and contractor and delivered to borrower via USPSAn inspection of work to date will be performed at 50% completeChange Orders and Cost Overruns: Changes to the initial plan are not permitted unless prior approval.

We are going to initiate the rehab portion.