Most work this way Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Good question.When you get a primary residence mortgage, the promise you make at the closing table is to personally owner occupy for one year.

There are some bond programs both county and state level that you can get the downpayment and some closing costs paid or go new construction and do the same via the builder.

Most of my tenants pay close to $20,000 a year in rent, it’s a small price for me to pay to ensure their safety. 

But compare to Option 1, it will allow more funds on the next property.3) Stay put. 

It has been over a year since we closed and we are still awaiting final approval.

What I suspect is that you "inherited it" but that when you transferred title into your name the deed showed $1 because that is allowed for close family transfers and avoids state transfer tax aka tax stamps on the sale.

Should we keep it close to home?

Closing is 24th -- I want to go back to them with something concrete rather than arbitrarily say "As is, take it or leave it".

This approach allowed us to move quickly and efficiently, ensuring the project stayed on track.