The goal will be a profit on the first house, which will be where we'll really learn as we 'do' then move on over time to flipping more quickly, refining farm market, etc.I found Bigger Pockets when my business partner sent me J Scotts book on Flipping.

Some options we are thinking about are...FHA: this would be a personal loan and I would have to live in one of the units, and stay for at least a year (I think), I could put a small down payment (3.5%), in this case i would like to eventually move the property to an llc maybe after a certain amount of equity is reached, then refinance.

The value in the deal is what the difference would be in conventional financing, yes, 2/3K, and if it doesn't sell, she'll need to refinance it, that's another issue.How many times have we posted this?

I'm not sure you could do it right at your closing, but lenders will refinance a property quickly after purchase.

They will always offer the basic 30 year and 15 year fixed, along with maybe one version of an ARM (the safest one, that most people chose).If you want something more diverse, than a broker can locate a lender that offers multiple ARM loans (3, 5, 7 or 10 year ARMs) or a loan term such as a 23 year fixed (this is handy for people that want to refinance but not extend their loan term).

No money down and assume loan and gaining a pile of equity against the day when you sell or refinance it.

If you have good credit, you can get 80% out of the property in a cash out refinance.

I will do my best to explain this scenario related to the purchase, rehab, and refinance of a property I am pursuing.Purchasers A, B, and C are partnering to purchase and rehab a duplex (purchase price and rehab not to exceed $90,000 with e rehabilitation loan)Application breezed past initial underwriting as all partners have above 750 credit, stable income, low debt to income, etc.

You won't get the same profit percentage you would if you did it yourself (100% vs 50% more or less depending on your negotiating skills) but if you have never done it before you run a much bigger risk of losing money on the project.I'd say your best bet is partnering with an experienced investor who is willing to help you out and not just wholesale it to someone who will suck out any profit you stand to make.

Although I don't know those markets, I bet you can find reasonably priced investments in Frederick or Hagerstown.