Instead of doing a purchase transaction, what we did was add my name to the title via a quit claim deed, and we plan on doing a cash-out refinance to pay out my father for it.

Instead of doing a purchase transaction, what we did was add my name to the title via a quit claim deed, and we plan on doing a cash-out refinance to pay out my father for it.

Not sure about his experience with SD fraud but if he can’t help I bet he can point you in the right direction. 

The issue you may run into is how do you refinance out of that private loan.

If they do need work and are in an area that looks towards gaining more equity, I will sometimes recommend going with a Fannie Mae loan so that you will garner more cash to do the rehab, then increase value and refinance later.

A 50% LTV loan is a pretty safe bet so you'll probably be able to get somebody to bite assuming you're willing to pay the points/higher interest.Another option would be to contact some credit unions in the CT market you're property is located in.

Then you just have to repeat the process 3 or 4 more times on 4plexs with positive cashflow.On the last property that you refinance take the refinanced money and throw 5500 per year in a TFSA  and use that to invest in some preferred shares of a company that declares dividends quarterly and earn an 8% return tax free if you invest from your TFSA.

@Alex Silang I am not claiming to be an expert but I think your best bet would be to look for a turnkey provider in a place conveniently close to you and see if they would be willing to give you a role in what they do - maybe doing something you are already good at, so they benefit, and in return you see and learn what they do.I am suggesting this because in my line of work there are many many people with academic and theoretical knowledge but they often haven't ever really applied any of it.

While you may say that you don't care, because it's just for getting extra rental income, it can make a difference down the road, if your fil ever wanted to sell or refinance. 

(and some coins too ;)  When the current lease ends in a few months, I'll update the kitchen & bath, refinance and then move on to the next one.I love analyzing deals and playing with numbers so I'm open & intrigued to learn about all the facets of REI.