I was going to use this home as my primary residence and do the 203K loan to build a ton of equity How did you find this deal and how did you negotiate it?

Buy a new primary home and rent out your existing home.

These loans allow buyers to purchase a property “AS IS, WHERE IS”.Renovation loans are available in 30, 20- and 15-year fixed rate terms and can be used to purchase owner occupied, second home and investment properties.By time the renovations are completed, the home needs to be in move-in, live-in condition and conceptually ready to be resold without repair issues.Other Important Items to Know about “Conventional” Renovation LoansMaximum – Minimum Purchase/Upgrade Amounts:Maximum: Limited to 75% of the “after improved” valueOccupancy: Primary, Second Homes, Investment PropertiesUnits: 1-4 unit propertiesRenovation Term:The renovation term for this program is a maximum of 180 days.The Borrower(s) is responsible for the work being completed within the escrow period.

Borrowers can acquire a primary residence from up to 1-4 units for as low as 5% with conventional, as the regulation was approved last year of November 2023.

You can acquire your a primary residence from up to 1-4 units for as low as 5% with conventional or 3.5% FHA with a few exceptions.

Most residential mortgage lenders that I work with max out their LTVs on primary residences at 70%, which would mean a loan of $336k.

But since it was being used for investment when you sold it you also qualify for a 1031 exchange.If you find that you still have any taxable gain leftover after the primary exemption, then you can indefinitely defer that tax and not have to recapture any depreciation in a 1031 exchange.

I rented out my first primary residence in Morrison, CO in 2018, and purchased my first true investment property in Highlands Ranch, CO in 2019. 

The bounced checks are of incredibly deep concern, we can only imagine what he is doing with all the owners money behind the scenes.

I would have bought rental properties of any sort before I bought my primary home.