Good advice above, but wanted to also say that many times people have a much higher basis than they think they do in a property.

I am checking on the prepayment penalty.For the cash out refi, I am thinking it may take 6-9 months to stabilize and then refi. 

If you have questions about specific properties contact me privately and I'll tell you what I think.

Do you think it's worthwhile to buy a lot and build a house to potentially sell for profit?

I think they work great, others on this forum disagree.

Competition..However, most investors are not aware of off-market properties..But not any off-market, the undervalued ones.These Deals are gold..Most investors don’t know how to really get them .Some do direct mail , cold calling , chasing people down and begging for deals.And except to get those deals.The Thing is those deals are not on the radar for a reason.And to get those deals, there is a very simple set of requirements that need to be met and systems that have to be implemented .Once you know these requirements and systems, it's just a matter of executing them properly and with consistency..And the undervalued off-market deals will come to you.It really is that easy….I’ve getting off-market properties for over 3 years now without even working to get them.Like 2 years ago I got this off-market deal and it was just a piece of land in the desert .For real .And I took it for 20k.No one I know didn’t make fun of me.They call me stupid .But I trust the requirements and the systems.Now 3 years later this land is worth almost $700.000 ($642k).It's all thanks to the fact that I can find undervalued off-market properties..And no, I start with nothing and zero connections..But that doesn't matter, because you don't need to have the connections, to be a sweet talker or have millions in the bank.If you’re sick of finding deals .Then all you need to have are requirements and systems to get you off-market deals.But please just don’t think that cold calling is the way.It’s sad.I will write another post about the systems and requirements to get those deals.just be open-minded that there are systems to get off-market deals.And that’s why some investors make millions and some don’t .They have step-by-step systems that guarantee getting those deals.Thanks for reading,

Maybe think of the fact that if you put all those properties in an LLC, you'll have a heck of a time getting an umbrella policy so you'll have exposure.

What else if any one has a nice flow chart and guide me i will appreciate.Regards,namal Hey Namal,I am an investor in the area and I would advice a few things to think through.1.

Also spell out as much detail as possible in your scope of work with the contractor, you cannot assume that they are thinking the same thing as you when it comes to finishes and material choices.  

@Tyler Brady, I don't think your accountant is taking a broad enough view here.