@Mark Updegraff - What you are referring to is the Soft Second Mortgage program available through the city of New Orleans.

AS others have posted depending on the area of the country land can have no value or negative value as shovel ready lots are available for less than construction costs..

Based on the limited information you've provided, it's a matter of whether or not you have credit and cash available to make a down payment and borrow for the purchase of the property?

I do this because I have more cash available earlier: you can use all $29,000 now for one house, or you can use ~$7,500 and get a loan for the balance, allowing you to keep the extra cash for additional properties.Remember: The numbers have to work for the deal to be a good one.

Like elsewhere, there is alternate lending available, but there are experience requirements and you will be looking at a higher interest rate.Your best strategy would be to network and perhaps JV with one or more investors.

@Bill Gulley no doubt will add more detail if he's avail.

I want to continue in the rental business but I want to expand and start doing flips as they become available in my area.

Maybe I am just getting a head of myself, I know we still have a ways to go before we get to this point and maybe there are reasonable health care plans available for those who work for themselves?

It seems to be a better approach to start off month to month, but I want to avoid good tenants moving out on me within a few months of renting a property just because that option is available to them.

foreclosures are auctioned to the highest bidder and not available for purchase through MLS.