Hi All, I picked up a rental property about a month ago and funds were to be distributed into my bank account August 31st / September 1st from my PM company however I have not received them yet.Just wanted to get opinions on this situation;  and if this has happened to you,, recommendations on how I should go about making sure its taken care of / dealt with?

We have one person looking to invest with us, one family member willing to take out second or HELOC for the remainder of the funds, another wanting to do most of the work, and myself that would run the money, and day to day business operations, design ect.

I just never had the guts nor the funds to really pull the trigger.Now looking to start in buying and holding single family rentals in college towns.

Is it typical for the seller or his agent to require proof of funds just to look at the property.

Is it acceptable or illegal to use those funds as down payment on a financed property, even FHA?

I have read many books and posts on the subject and I am looking for others that would be willing to share their accumulated knowledge on how to find deals and money to fund those deals.

Again live there for a year or two while we save funds for the next property.The next property would be a bit larger, it would be bigger than a four-plex I believe a commercial loan would be required?

As the balance gets a little lower, I will then use the HELOC funds to aggressively start paying off mortgages on SFH rentals since my goal is to have those rentals debt free.

The only thing is USAA is telling me there is a 2.5% funding fee for this type of loan.

On the prelim HUD that you submit, you will allocate funds to the 2nd lien.