If you look at this first property as a buy-and-hold, you will have cash advanced on the line of credit that won’t be completely paid back to $0 and you will have your own cash in the property for improvements that you won’t get back out until you sell the property.2.)I’m going to throw out some possible terms, though I want you to know that everything is subject to final credit approval.Option 1) If you are wanting a line of credit secured with the autos, we will need to establish a financial covenant something to the effect of the line will need to rest at $0 for at a minimum of 10 consecutive days.

FHA 203(k) loans are not  available to investors.Rates are going to be slightly higher on renovation loans, but still very reasonable.Homestyle has a rule that the repairs cannot be more than 50% of the as-completed value of the property, so when you're working with these really low priced properties you have to make sure the numbers work.  

They do not have retirement benefits other than SS and Medicare and the way it stands right now, we will inherit debt in a house that needs a complete rehab. 

The smell of cat urine, and more-so, spray is near impossible to remove once it is embedded in the subfloor ... it's even more tenacious than dog urine.We bought a property where tenants and their farm had been for 9-years ... it was a complete gut job - even the concrete slab, under the subfloor had to be treated to remove the smell.Good thing your tenant is paying over market rent as they longer the felines stay, the more it's going to cost to be rent-ready for the next tenant.

Ok Stephen heres the deal i have to do the repairs and the payments are 1500 a month right now there are 2 apartment rented the first floor has to be done over complete to make it an apartment the two rents equal the 1500 the new apartment would bring in 1300 a month taxes are 5500 water an sewer are 1050 ins 2400 snow removal 500a year put  away 500a ayear for repairs the 1500 goes towards the principle theres no interest and the balloon payment in 5 years

@Kay Ferdous I have completed 2 of 6 BRRRR's in 1.5 years.  

Can the dependent so lay claim to it?

At this point, I would use all rent payments to pay down the loan balances of the 10 homes (1 house at a time) with the goal of having all the homes completely paid off by year 20.  

They claim a historical 6-10% ROI range but I've been over that the entire time.

To minimize costs, my partner and I would manage the property ourselves, and look to refinance in several years to take complete ownership of the property or invest in new properties.