I ended up with the slightly higher rate and 20% down plus a second loan for some renovations.

I bought from a primary homeowner in Indianapolis metro area who took really good care of this home (I did live in this house and rented it out when I moved back to California) and from a flipper in Indy more recently.As far as primary homeowners, they can range from taking really good care of the house to someone who has a lot of deferred maintenance - I renovated a local property that had a lot of issues.  

We are currently looking at a HUD home in Georgia - I have a couple of questions and can’t seem to find a definitive answer - The home is currently in the OO listing period - our plan would be to buy the home doing extensive renovations (the home is in a “Historical” area so renovations have to be approved) once completed we plan on living there full time - it could take ip to a year to complete or longer I don’t know  - as I see it the OO designation is to be the OO for a min of 12 months - is this after the home has been renovated or after you close on the home - though the house could probably technically be lived in now it does have some water and roof damage and needs complete redo of electrical and plumbing - for me to deem it safe - so not really livable by normal standards - but no way it would be livable in just a couple of months - any thoughts or an actual answer to the OO rules 

Considering that he isn't there personally for the renovation he hires someone to manage the construction project.

I bought a multifamily property that was undervalued, so working on renovations and improvements now.

One of the last houses I renovated had a tweaker living in it.

@Erich OertelRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

Put in 25k of renovations at start. 

Including all the deals I close on, renovations, listing it and the whole process.

I have always been interested in multifamily investments and the price point of the property, the income potential and the renovation cost all made sense.