@Yousif Abudra, at the moment, I don't believe I would qualify as an accredited investor. 

When I ask a very simple question like this, it leads me to believe that 90% of BP has no idea how this formula actually works .

I believe the masses go with an LLC, so I prolly go that route.

@Chris Martin The property is a condo and I believe the 10k and 2k are HOA liens.

I wouldn’t advise it if I didn’t believe that there is a reason for it.

I changed to believe all HOAs are not created equal.

But I believe that the smaller towns still have opportunities in them. 

I am simply looking for general advice and feedback on experiences with this type of transaction.My situation is as follows.Purchased a SFH in May 2016 for $96,500 with an FHA loan for my primary residence.In Summer of 2018 I am looking to refinance to a conventional loan because I believe I will be at 20% equity at this point, if not I will wait a bit longer.I would like to maintain ownership of this home and rent at a rate of $1000/month.For my next property I would like to purchase a home that qualifies for 203k financing.

That's impossible since there's no fuel tank for the oil furnace.

@Chris Luger  I believe it's the way you advertised.