Then once you close on the house take out a standard 30 year mortgage to pay off the hard money loan?

I started looking into real estate as a way to financial independence around that time and was offered to buy my first property by a family member who was looking to leave the investment world.

If they didn't, the seller could foreclose.So, you could either:1) Buyout the middleman with cash and assume existing LC2) Write a new LC with the middleman and leave the existing LC in place, but include language that requires proof of payment to the underlying LC.

If I were still single, I would have definitely considered purchasing a 2-4 unit property to house hack.

House was booked for the majority of June and July is looking to be the same.

However, you would have to make sure that you have been living on your current primary house for at least a year before acquiring your next primary purchase.

Those offers never came, one was supposed to be from an affordable housing nonprofit that had access to 4.5% financing, but they put us on ice for a few months while we waited for their slow board aproval process, and then they had some sort of organizational staffing shakeup and recently told us they couldnt put an offer in.

You knew this going in and you still decided to buy this house.

He repeatedly kept saying he was the best, and anytime I needed work he would say his contractors are the best.issues with  the house: Foundations caving it with countless stress fractures and rooms sinking in with doors sticking making them nearly impossible to open. 35 years of vacancy at that house led to house walls being filled with mice... they chewed on the electrical wires and chewed holes in every wall and next to outlet covers and they chewed the entiee inner door frame from tbe walkup attic giving them easy access to walls throughout the house.

I still like house hacking in this market.