Since this isn’t a “fixer,” and you’re going the FHA route, you’d have to go out-of-pocket for the remodel/upgrades or get a construction loan based off the ARV, which is generally going to require 25-30% down unless you go with private money, which will have much higher interest.I see it’s pending, so maybe you got it under contract, but if not, I know you can find a good deal out there, even if it’s a smaller starting point.

It is common that sometime floodplain maps are not always up-to-date based on current conditions, and thus you site may actually be above the floodplain elevation. 

You are in the same boat as we down here in the Dallas, TX areas... rates and the base % of Deductables are going up! 

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best!

Call me difficult all you want, but I'm posting an important warning to the BP community: you cannot set your S-corp salary based on some rules of thumb, such as this 60/40 urban myth.That said, there is also no such thing as paying yourself out of a disregarded entity and no such thing as an LLC "owned" by an S-corp.Now you make me guess what your actual setup and your actual intention is.

Some times I think these podcasts have other agendas lol

I am suggesting for your 100th podcast add a fifth famous 4 question.How long is it going to take you to retire,  or what constitutes retirement for you?

Hi Shawn, Thank you for your advice.We have found the American process very complicated believing it was due to being based in the UK and not really understanding why everything was taking so long.

I see on podcasts other people doing it as a newbie and have made it to the big league. 

If the numbers work for you and your investment goals, it is always a great time to buy.You never know what tomorrow holds, so make your decision based on the information you have today.