By law, Section 203(k) can only be used to rehabilitate units in one-to-four unit structures.

Again it will boil down to the loan policy and how the bank wants to structure the transaction, but it's a matter of loan classifications initially.Going this route on yoiur own without a committment from your lender can put you in a pickle as Susan pointed out above, so talk to your lender and give them a good reason why you need to close in a week (I closed a deal on the second day but had to have alot of favors done to do it but generally, even a cash deal done properly takes more than a week, so what's the rush?)

A second (or whatever) mortgage structured as a line of credit instead of a lump sum loan.I've heard these are being frozen in some cases.

You should have a couple "out clauses" or "weasel clauses" in your contract to protect you just in case you cannot find someone to sell it to.The most common clauses are the inspection clause and partners approval clause, ill give an example of both.This agreement is subject to final inspection of the property by the buyer and/or buyer’s business partners on or before certain dateThis agreement is subject to final approval of the property by buyer’s business partners.I am not a lawyer so make sure you have your lawyer inspect your contract and these clauses before you use them.And just like wheatie said, if worst came to worst and you had to break your contract, the earnest money should be sole remedy of the seller, so make sure that you are structuring your deals with little to no earnest money.Good luck

That all depends on the financing structure, management fees, maintenance fees, etc.

If you credit is bad & you have no cash, you're going to need to use one of the following strategies until you can increase either your cash supply: 1.

Maybe structure it by lowering the taxes for a certain period of time till you sell the property to someone else.

and i assure you i know what the definitions mean.. having furniture in a house does not make it occupied however it is the difference between vacant and unoccupied. ho3 vs dp3 policies.. i could break down all the differences but its not worth it.. if no one is in the building the structure is covered as well as the liability. what else would you need?

Yes, the inside can be trashed; there can be hidden structural damage; mold; lead paint (oh no!)

You'll get a steady supply of deals out of that one if you stick with it.