I opened a HELOC on my main property thats in another state to pay for the down payment and remodel.

The city posts the licenses to their portal immediately after the inspection, lead cert, and payment are all provided (again, through the portal).

Once I have located such a property, I buy their property for below market, (instant equity) no bank qualifying, no credit checks, by offering to take over their loan and make their payments for them.

I have not done a seller finance deal before so not sure what to offer on down payment or terms.

With an FHA loan I would easily be able to buy the land cash and have the down payment.

We can get a second home without putting anything down (VA loan), move into the school district we want and a much nicer home for our growing family:Current home (want to rent this out):One of the largest lots in the area 1/100 lots in an area with 1000's of properties that has navigable water which is our water, at 2.75%, 280k remaining $1650/month, rents $3000 mom will be lending 25k over 5 years at $500/mo payments, and we will use a property manager $300/mo = rental take home of $550/mo incomenew home (hypothetical estimates):$550k @ 7%, paying ~$3300/moWe will have a period of 9 months starting Dec 2024 where we would be at about -$100 where our older daughter goes to pre-k for $1150/mo and infant is in daycare for $1650/mo.

Someone who has missed 2 payments vs someone who’s home is about to go up for action next week.

In hindsight, I wish I would've taken that money and used it toward a down payment on a property in a better area--say, a fourplex in the Valley or even some of the parts of South L.A. that are on the up and up.  

Establish an emergency fund, manage your debt, and save for a down payment to lay the groundwork for your financial future.

Instead, you might ask a portfolio lender if they'd forego the down payment if you give them a second lien position on the other property as additional collateral.