I'm looking at multiple flips that will yield a very good profit if I use a formula created by my partners based on local knowledge and connections.My partners are very busy people, and to tie them into these projects is to take them away from other opportunities, so out of consideration I'm trying not to make any moves I can't be 110% sure on.The only way these plans move forward is creative financing, as my credit is currently extended (happily, I might add) and unavailable.

I would like to get a security deposit and signed lease in place ahead of time.The new tenant is an associate of the family across the street from mine.

It's not going to kill me to hold onto it for a couple of extra months and I'd rather go ahead and sell as soon as possible so I can get my cash out and move on to the next one as opposed to tying it up in a rental for 6 months.

Its a corner that is NOT fun to be backed into.With that said, using a HELOC for shorter term gains and then paying it off quickly is probably a safer and creative way to get ahead.

@andrew S - Thanks for the response Current tenant is using the land for a nursery (selling plants).

Hello,I am just over 2 years out on a chapter 7 bk due to getting ahead of myself fixing up 2 single family rental properties (I kept the properties and they are now current with tenants and positive cash flow).It's a great time to get back into the real estate game; in Richmond, VA where I live, fixed up inner city homes that can be bought for ~$75,000 give or take can be rented all day long for $1000 to $1200+.The problem is, the banks I have been talking to are giving me grief due to the BK.

Also, I would network with a couple people to obtain roommates ahead of time if you choose to do this?

A formula for success?

Or they feel it is a difficult property to market, for some reason (would be good for you to know that, so go ahead and ask them outright).There are a number of places where you can get help with the FSBO (for sale by owner) process for very modest fees.

@Eli Hood , with all due respect, the mental barriers occur when people are not prepared for the challenges ahead.