How much cash are you bringing to the table and what will the loan amount be.

I ended up using an fha 203k loan to fix this duplex with a potential huge basement to make it a triplex.

And to add to the stress, we took out a loan to cover the costs, and now we're watching our hard-earned cash disappear with each passing day.In this moment of desperation, I reach out to this community for assistance. 

But by only reducing $120 monthly, I would be adding about 150 months to the loan term.A 6.5% would only make a small increase of lowering payment by $220.

“How long do I have to wait to improve or sell the property?

To get helpful advice and support, connect with lenders, contractors, property managers, investors, real estate agents, and other experts.Options for financing include private loans, partnerships, FHA, VA, and conventional mortgages.

Keep in mind if you need to use two jobs to qualify for a conventional loan, the borrower will need to demonstrate two years of holding those two jobs simultaneously. 

Bonus depreciation and Section 179 allowances for improvements can be utilized, with the latter, however, capped at zero to prevent negative losses.

@Oliver Martinez you could have used the "@name" format to include everyone you wanted to reach out to on a single response, instead of entering 6 copies of the same message:)Unless you plan to live in the property (owner-occupied) you will typically need at least 20-25% down to get a mortgage - unless you find a private investor to fund your acquisition.Also, as you've found, most of these lenders have minimum loan amounts of $75k-$100k.Unless you are a VERY experienced investor, we don't recommend buying rentals in the City of Detroit under $80k.

I am just wholesaling right now and looking to improve in that while also trying to build capital and/or find people to partner with to start taking on properties myself!