Talk to Patricia Simon at Zeus Lending in Houston and she can give you assistance on more creative ways to structure your financing.And join the RICH Club and come meet other like-minded investors!

@Alex Howard we specializing in structuring purchase money mortgages...and I do a few of these a year...my personal play is a little different.

What I did was back in the 90s, and I don't know if you can structure a deal to give them credit for rent paid, which is part of what I had.  

So here's a rough number breakdown. purchase $1,500,000Loan Amount 1,300,000Rehab+holding+closing costs $115,000ARV 1,900,000new Loan (20 year, 6.25, 5 year)- $1,560,000Cashout portion- $260,000Cashout- FFFF (friends, family, facebook friends)= 10,000Money in deal = 45,000Rental Side of Things (by month)Current Income- 27,000/m (Proforma is 31,500 since I had to rush rent out)Expenses-  (Utilities, Taxes, 25% Vacancy/Management/CAPEX, insurance, etc)- 12,500/mDebt- 11,400/mNOI- 3100/mSomething like that at leastFor the other questions that may pop up:I self manageI doubled my portfolio in one dealI was my own GC for the projectI still have a full time job in securities tradingI worked 110 weeks for 2 months straightI am burnt outI hit a lot of roadblocks including getting sued, vandalized, robbed, and threatenedI had a lot of physical blackouts and emotional breakdownsMy outlook in general on people is definitely more negative However I am also ready to move onThis post was very much to speak on an experience and tell a story. 

In Illinois, the  property tax assessors assess the land and structure separately. 

May want to consult a contractor or structural engineer.  

I wish I could figure it out, I love the concept, but we are $150/foot basic type structure-builder grade.   

You get the idea.Then, think about how much overall value and expertise and risk each person is providing and split the equity based on that.For me, the important thing is to structure it so that there are project-level expenses that accurately reflect what it would cost to hire someone to do that. 

Again, I’m new to all of this but it’s my understanding to qualify for and FHA loan to hack I would have to physically live in that property and wouldn’t that need to be my first home loan?

Is your equity growth based on rents or the physical property?