Fill out CA Form 593-C, and mark box 10 or 11 (depending on your situation).

Geez man I hate to come down on you cuz you are in a situation , but you don’t even understand the most basic components of using the brrrr strategy .

I'm a big fan of using credit as a option for reserves to augment cash on hand.... if the situation makes sense.

You mentioned a Patch of Land debacle...what transpired in that situation?

I’ve never dealt with this situation but I agree to step it up and involve a lawyer immediately Hopefully can recoup your money faster and move on

Then when sitting in front of a seller, you'll feel more confident, and can at least propose a solution that actually fits the situation. 

Sounds like you guys were in the same situation but made the jump!

If so and they are taking the property as collateral this sounds like a standard mortgage situation. 

I mean, here’s my short answer—If you’re new and want to jump in the game, if it was my situation— I’d make an offer below list price, make sure remodel is legit, and verify those suggested rents. 

@Christian Whitehead Depending on what type of financing you do - M2M is the ideal situation for an owner occupied property to be purchased.