It would be as a loan, and I wouldn’t have equity in his deal. 

The house upstate would be my primary residence and i do intend to live there. 

We offer physical site visits for properties above $2.5/3M or if it's required by the client.Around 95% of our studies are done virtually but if you need boots on the ground and it makes sense for your property or portfolio, we'd be happy to help. 

This would require seller to bring cash to closing.

It felt like a no-brainer for the value of the land, but being able to utilize a traditional mortgage because there was a clean yet simple 3 bed 2 bath house on the lot made the deal even sweeter!

@Foley SchmidtWelcome to the community and be ready for a huge amount of information at your finger tips.

@Sarah Taylor From a tax perspective, you would lose the STR tax benefit if you expect paper losses from the property.

Would be happy to share contacts and other resources if you want to connect. 

We will be sure to be diligent in our capex underwriting, given we are looking for value add deals.

I am new to real estate and I would love to hear your favorite strategies for finding distressed properties.