Justin B is absolutely right that your cash flow is not as high as you think.

If you absolutely insist, and he's foolish enough to acquiesce, fine: get some steel toed boots, a hard hat, a good pair of Levi's and be sure to wear working gloves and a heavy Carhart jacket so you at least reduce the chances of getting poked, cut, stomped on, whacked in the head, run through by a saws-all, or do anything else stupid while you're busy out there sweating, wringing your hands, and nervously looking out for your money.

I absolutely wanted to see what someone thought from a finance perspective.

I was only throwing out 50% LTV as an example of one strategy.Unfortunately, there aren't any clear answers on what you absolutely should or shouldn't do.

First, I would make sure you are talking to a good loan broker...as with any profession, there is some absolutely terrible loan brokers / lenders out there.

The absolute BEST I know at estimating ARV (after repaired value) with high accuracy are INVESTORS who are also AGENTS or BROKERS.

Joe is absolutely right.

Absolutely.

It's just a matter of interpretation.I absolutely agree that you should have an attorney in your area that could advise you.

Like you mentioned finding a local REIA is absolutely a GREAT thing to do.I always tell people the #1 things they need to do is learn how to evaluate properties, and then as quickly as they can start making offers!