And if the amount isn't too large they can either keep the note outside the exchange and pay some tax on it as boot doing a partial 1031 exchange. 

With conventional, you can just drop the MI when you have the equity- you might have to pay a few hundred bucks for an appraisal. 

However, you pay for it.

They argue that their renovation is top notch, so the price is justified, which may or may not be true, but but generally the high quality of the renovation does not pay sufficient dividends in the form of increased rent, so the price to rent ratio just isn't there.They typically advertise a 9% to 13% cash on cash return, but be careful, this is their "first year projection" and in their first year they do some things that I find a it deceptive, such as not accounting for vacancy because they place a tenant prior to closing, and they budget essentially nothing for repairs or cap ex since it is renovated and they offer a warranty. 

@Travis Biziorek how much did you pay for the duplex example?

You'll also need to file a Personal Property return with the Maryland' Comptroller's office (and pay the $400 filing fee) in order for your LLC to stay in good standing.All that said, you will never be truly anonymous from a tenant who really wants to find you.

I've heard they tend to be pricier than their competitors, but have shorter timelines due to the way they do project management.It might make sense if paying a premium for faster project completion fits into your business model.

How does paying mortgage on the property work?

We will lend at X% and whether you make $ or not, not our problem (well it is if you do not pay us back but that is where the PG comes into play).

From my simple calculations, taking into account paying for attorneys, business structure/expenses, etc. not to mention the time of due diligence, and understanding legalities, it seems more lucrative (AND SAFE) to invest in a fund.