And, the property must appraise for the sale price or higher, if it doesn't you need to make up the difference between the qualifying loan amount and the sale price.You also need cash reserves after closing the loan, it varies for the type of loan but conventional loans for owner occupied is 3 times the payment (exceptions can be made)rental properties will require about 6 months reserves of payments, the more properties you acquire the more reserves you'll need with other properties considered.

Can someone please give me the quick and dirty on these ( I have never acquired this type of policy before).

To James, the potential buyer will acquire the property from me for investment purposes I would like to know can I get a from a private lender with me having no experience but I have a person looking to buy.To Denise, thanks for the feedback and valuable info and I also wish you great success.

The funny thing is my family members both here and outside of U.S. are in development/construction, and I didn't realize the connections and resources existed until I recently got into the business, which makes it even more exciting.My main focus is acquiring multifamily properties (50+ units) out-of-state.

While I thought the hardest part of flipping would be securing the necessary capital, the last three months have proved that actually acquiring a property in need of rehab is not an easy task.

I've been on the conservative side of acquiring properties.

Ok, so I just got off the phone with the owner and he said he acquired the property via tax deed and he has first position on it.

Building stuff this late in the cycle is risky IMO unless your land basis is super cheap because you acquired it much earlier.

@Brant Richardson My plans for my first deal are to find a single family or multifamily unit that I can acquire with little down and mostly seller financing here in the Tempe area.

You also will probably figure out as you acquire more properties if you will be able to handle 1 more.