Quote from @Dave Bobka: Excited to be joining this community!

Asheville: Asheville is in the Blue Ridge Mountains, so it's a very outdoors focused community.

I financed this property using down payment funds from 403B and a local commercial bank. 15% down from personal funds. 85% down from community commercial bank. 3yr balloon, 20yr amortization, 7% interest rate.

Hi @Dean Halpin Welcome to the BP community!

I formed Park Place Communities in 2014, and we started purchasing communities in early 2015.

Just curious what this community's thoughts are in this regard for someone getting started.

We add up the scores and get a total score that reflects the level of risk the applicant presents.

However, you have to invest in specific communities where they are encouraging development.

Everything can look great on paper and in theory and than in real world application unknown unknowns happen. 

If you were able to increase the value of the property significantly after the rehab, then you could bring the deal to a community bank  to refinance and take the hard money lender out.You keep all the equity and don’t have to file a partnership return for your annual tax return, which can be costly.