But if I would get a loan from a bank now and the property goes down later then is more predictable since the loan is already fixed in place, but if it goes down before I get the loan, then I might not even get a loan.

. 😉 Again, the only thing I wish I'd made more of a priority was accessing that equity while in an easier position to do so from a banks perspective.

Is the option price you agreed on contingent on traditional bank financing or seller back financing?

I'm looking for some help with what happens next, as in what will the banks be looking for, how the loan will actually be structured, how do I actually accept everyones money and pool it for the down payment, etc.

Deposit it into a bank account?

I know Phoenix got hit very hard with foreclosures and homes could be bought for $30k or so on low end and people had their pick since the bank was off loading so many homes , now looks like low end is $150k plus .

No needfor bank financing.

@Ali Boone Cheers - not sure of my budget just yet; I'm used to having done traditional lending through banks and don't have much experience cash-out refinancing yet, but currently reading up on all that stuff and exploring options.I'm actually from Charlotte originally so I would feel a little more comfortable investing in the city....I think for OOS I would prefer something more turnkey at first unless I was very confident that I had good contacts (contractor) "on the ground."

I’ve been doing quite a bit of research about what lenders would require and the various aspects of bank loans versus agency loans.

What I local bank do you trust and why?