You’d get your money back in a year when we refinance and retain around 17% ownership in the building.

Your deal likely doesn’t retain the attorney for your second closing.

Have you received the retainer agreement yet?

@Carter CrowleyThis is truly a mathematical question: If the after tax return from re-investing your retained earnings is greater than the debt service rate on your present financing, then reinvest.  

It will help to write down what you want done to the property to help guide the GC.A GC estimate is usually free but the HUD consultant will charge an initial retainer fee ($400 or so).This will be the best way to get started down your 203k path.

I've got my eyes on a couple 8 unit complexes, but I'm about $50k short to come up with the 20% down payment and 6 month rent retainer.

It may require digging out some dirt and putting a retaining wall on two sides, but it would be worth it.

Retain the note but allow payments to obtain additional funds.If you have sales of the properties you won't be the only borrower.Selling the properties brings the notes to maturity and replaces funds.I'd suggest you consider a balanced approach of buying, rehab and sales with financing provided, even seconds, to subsidize the financing of properties held.

This will give you control of whether and when you repatriate retained earnings to Canada and will lower the withholding tax on the U.S.A. side of things when you do repatriate ...

What do you plan to do with the current primary home-retain and rent or sell then buy new primary?