The whole idea is to get in "light" - with as little cash out as possible.Purchase price: $80Kdownpayment: 20% ($16K)seller gives you $30K rehab creditCash at closing: $14KOwner 1st mortgage: $64K, interest only, 8% ($426.67/mo)Maybe negotiate to refi in 2 years or 1 year with a one time extension of 12 months with a 1-year advance on mortgage payment ($5,120).With that mortgage payment, and if you can indeed rent both units at $825/mo or $1650/mo total, you will cashflow from the deal even with the 50% rule.I would suggest though that you put the deed in escrow to be sure the owner does not walk out on you and get your downpayment and a renovated property at your expense.

For example I have a property that, cost me 38k and it took 22k in renovations.

Completely renovated and ready for business. 36 rooms all redone.

Stillwater Renovations LLC

I'm looking to fund the down payment and renovations with a mix of savings and a HELOC.

Renovate if needed.7.

Renovate if needed.7.

Hi everyone,I haven't posted here in a while, since my husband died in 2016, but his estate is finally finished; the reno to my big condo is now finished; the condo is rented out and producing income; I've bought and renovated a smaller house to live in!

When we move out, we will be able to get 800/mo for this unit and plan to do some light renovation to the cheaper of the units to raise its rent potential as well.We are currently looking at subdividing our So.

Was your renovation work limited to the kitchen?