I figured that this would be a good last stop before paying for a real estate attorney consultation.My wife's parents are buying us a condo for our move to Miami.

@Forest Ritchie my parents started that way - my dad "flipped" cars (he was a mechanic and knew how to do some body work) in order to get enough cash to start buying rentals.

We're a couple of young parents with three small boys and one full-time job.

BTW I've done rehabs... broke even on my first home, had to do a deed in lieu on my second one (lost $20k of my best friends money), had to do a deed in lieu on my third one (lost $20k of my parents money), and made $72k split among 3 partners on the 4th deal... it's not as easy as the shows make it seem (and I've learned the lessons the hard way).

My parents couldn't provide me with all the opportunities in the world that the rich kids had, but they did preach the importance of working hard and having goals.

Not sure of all of the ins/outs of it, but I just established a "Series LLC", which is popular in real estate investing (my business isn't even REI, yet), because you set up a "parent" and then underneath that, you can set up numerous other companies/brands in a "series".

He said they try to make them all very similar because they can get discounts on materials which obviously makes the rehab cheaper.He is also starting a foundation that gets donated properties they can rehab.

In order to advert these stringent rules of 30% equity requirement (appraisal or drive by BPO) on your current primary to use rental income I've had borrowers who moved back to their parents or out to an apartment (vacating the primary) and just started renting the property out.

They will be staying in Santa Fe with my wife's parents until they figure their next move.

Their parents are giving 5% down but because it's a conventional loan they are putting down 5%.