I've been trying to read as much as can in order to make this first investment successful, and I would love to meet anyone else in the area who would be willing to share their knowledge with a motivated newbie trying to dive into their first investment property!!

Our weekly construction meetings are about upcoming expectations and usually I’m strategizing to him about getting the 15K that I fronted the project with back to me slowly during the remaining project.

It’s your first deal so maybe you won’t be motivated to do this but having the seller bring equity in form of the land, a developer/investor interested in the area and carries the construction financing, you really only bring them together (whatever that is worth to an investor) or some sort of partnership with the seller that outlines duties and recompense.

Where people have a deep affinity for a particular location, a place they either call home or want to call home there is your hook that leads to getting motivated buyers or renters. like you said, be smart about it.

The fair thing to do would be to first give him the opportunity to start paying rent and remain in place - and I will do that, as long as he meets my tenant criteria following a -$1000/mo blow to his income.

@Sharad M.Thank you for the great motivational post.

At the and of your draw period the remaining balance gets amortized over the amortization period.

In the *rare* event a mortgage is called due on sale by the lender, typically the options are to 1. refinance, or 2 cut a check for the remaining balance of the loan, correct?

For those looking to get out of the city but remain close to downtown McKinney, it's a great area.

I don't yet know the seller's motivation, so I can't speak to the possibilities for owner financing.