You have to know what a Lot in that area is selling for and add on the cost of NEW Construction in that square footage to really know anything.

Hey Gerardell - This strategy is indeed effective and to one of the previous comments, staying there for two years will qualify you for the section 121 primary residence tax exemption at the time of sale. 

Not sure how having a family member as a veteran may effect this, but my suspicion is that the person in whose name the mortgage loan will be made would need to be a veteran?

The Program utilizes forgivable loans called "Deferred Payment Loans," which require no monthly payments to subsidize the required costs of rehabilitation.

VHR changes adding the 500-foot buffer went into effect on October 1st, 2021.

It doesn't cost anything to attend RE meeting, introduce yourself and get contact of people who invest in properties.

I love that you rented two of your bedrooms as mid term and short term rentals and made enough to pay for the mortgage and now you are going to use the rental income to show you can qualify for another property.This is an excellent strategy and one more people should consider doing in this inflationary environment to offset the biggest cost in their budget--housing.As you rightly point out, you can use this strategy with every house you buy accumulating a portfolio of houses that you originally started out living in as a primary residence every two years.Well done and more people should consider doing the same, or rent their garage, or shed, or a boat, or an extra car.Love it!

With $50,000, I could cover the down payment and some renovation costs.2.

Not to scare you - but we made one mistake on a flip - replacing old wooden windows instead of rebuilding them - and it ended up costing us $50,000 to our $175,000 profit margin.  

Would be super simple if it is set up like a stock where you can buy in and sell off as needed to effectively spread the gain over a period of tax years.