My niche is finding deteriorated properties and using my capabilities to renovate them and build equity.

It's currently being renovated and I know that they're putting in some commercial, but I don't know what they're doing for residential and I cant find any specifics online.  

Today I received a call from the Passaic Valley Sewerage Commission (which is the agency in charge of the sewer system of several towns in New Jersey) telling me that in order for the City to complete all of the permits I had to pay a one time fee of $1,500.00.According to the employee of the PVSC, this charge is incurred for anyone purchasing a home from a bank if you decide to renovate that home.

My intent is to stay in this home, 3 years of minor renovations and 16k in equity I plan on doing a cash out refinance, with that money I’m hoping to use on purchasing my first investment property for a flip or rental, open to opinions and thoughts, sorry for the hiatus.Chris 

Some of the attached buildings have been flipped, however, many more need to be renovated.  

We renovated the house and it's in excellent condition.

You can only get 1 FHA loan but in the last couple years, new investors have been able to refinance out of FHA loans into convention loans through appreciation/renovation to add value. 

I agree 10% for both is too low. 16-20% would be more appropriate depending on the level of renovation and class of property.  

The property was in the middle of a few renovations but I ran into financial roadblocks on getting it done.

Buy Renovate Rent Refinance Repeat.