If the property owner is a "long time childhood friend", then she may be willing to cut you a deal where she pays for the closing costs and/or she may contribute to any repair/remodeling work that the property may need.Once you move in you could house hack and start saving money so that you can acquire more properties. 

Folks just have to realize NO money up front and especially.I wish BP would be able to tag the American Greed episode on REmington financial and tag Ingrid Robinsons website .. these were classic cases of fake lenders.. with Ingrid being the victim and taking down Remington who had been doing this for over 20 years.. those guys had some cajones they took Due Diligence and deposit money for all those years but never over 10k so anyone complaining it would not go anywhere.. it was said on the show that in all those years they closed no more than 3 or 5 loans.. both the principals got major prison time.the issue today is most of these folks are hiding on the internet or are off shore very tough to catch and your not getting any funding or money back thats a given.

Anyway, just tell the seller you’re sorry and rush to the closing table.

We have one STR, closed down our arbitrage business, and are looking to partner with a friend on some investments (STR and/or development).

HELOC= Short term cash needsCash out (or even a closed end second mortgage)= Long term cash needs 

You could expect rates in the low to mid 7s for a One Time Close Construction Loan.

Wanted to check if that is true and if it is just lender specific or are there any legal laws around it.Thanks The rules are generally pretty vague - for the 10% Down Second Home Loan - generally are supposed to be not an investment property (no more than half the year rented out, no property management) and the vicinity rule is not super clear - but you are supposed to live "near the property"There won't be a difference among lenders since this is a GSE backed product (all rules the same) - however, the difference is likely to come from the interpretation of how close "near" meansThis is a good twitter (X) thread on the topic from a lawyer thats in the spacehttps://twitter.com/Wildlaw406/status/1689416363973214213

So you'd come with the 15% of the 163k which is $24,450 plus closing costs on an approx 200k loan (5k - 6k). 

New investor here.Thinking about end to end pipeline management for finding, closing, rehab, rent, hold/sell deals.What tools are you using to keep your information organized, clean, reportable, etc?

On one hand, sellers may feel like they're losing out on their net proceeds after paying commissions and closing costs.