Hey everyone,I have potential off market deal from a friend of mine.

Start off by reading some books like The Hands-Off Investor by Brian Burke and Passive Investing Made Simple by Anthony Vicino and Gino Barbaro.

My brother has a greater than 100k income for the last few years but he recently got laid off, so I would likely have to go with my parents if he doesn’t find a job by the time I get pre-qualified.

To protect the purchaser of the wrap-around mortgage, Texas Senate HB 43:provides for wrap payments to be held in a constructive trust by the seller for the benefit of the buyerestablishes that anyone collecting or receiving a payment from a wrap borrower in connection to a wrap mortgage owes a fiduciary duty to the borrower for the paymentsdiscloses the nature and risks of wrap transactions to buyers and offer consumers the right to rescind transaction/agreement when disclosures are not made timelydefines “wrap mortgage loans” as a residential mortgage loan:made to finance the purchase of residential real estate that will continue to be subject to an unreleased lien that attached to the property before the loan was madesecures debt incurred by a person other than the wrap borrower that was not paid off at the time the loan was madeobligates the wrap borrower to the wrap lender for payment of debt, the principal amount of which includes the outstanding balance of the debt and any remaining amount of the purchase price financed by the wrap lenderclarifies that a wrap mortgage loan may only be closed by an attorney or title companyprevents “house flippers” from registering as financial service providersprohibits a person from making wrap mortgage loans unless the person is licensed or registered to originate or make residential mortgage loansThe new law goes into effect on January 1, 2022.

Honestly with a tenant who is old or disabled they could bust have shut off or lost the phone.

Considering this, which debt makes the most sense to pay off?

Along with a vibrant art scene, restaurants & easy walking it attracts year-round visitors seeking fly fishing, white water rafting, kayaking, skiing & snowboarding that is off the beaten path..

. - Downtown location, near restaurants and a 3 min walk to train station- Only 2 off street parking spots, street is permit parking only but there is free parking down the street- Units have just been completely renovated- The city does not have any ordinances against short term rentalsThe biggest hurdles for me are: we're about to go into a slump/down season; potential parking issues; and if one of the other units were rented long term - dealing with the hassles related to that.

Fourth, you're not fit for this **** hire a property manager and get your dusty hands off this.

As of right now the plan is to get a home equity loan once rehab is complete and pay off HELOC.