I recently had some water damage to my personal residents and need a lot of work done to get everything fixed, such as kitchen cabnets hardwood floor and counter tops.

I'm looking for information from hard money lenders and folks who have used hard money lenders before:What, exactly, is the process for securing a hard money loan for a fix-and-flip?  

My banker has offer me 2 options.30% down 5.5% 5yr arm max 1% every 5 years 25 yr mortgage in my LLC orFannie Mae 25% down 5.75% fixed 25 year (maybe 30) but in my name, not my LLC.

A repair here, a fix there, I thought. 

The house needs a bit of updating, but I have been fantasizing about the idea of purchasing the property from them on a land contract, fixing it up, and then reselling it on a land contract. 

The house is vacant, which is indicative of a "problem" that the owner needs to fix now.

You will have to pay taxes on entire 30k, even if you use entire amount to fix up rental. 

Rental  1) Value 190 000 with a mortgage of 75 00  at 4.8%  15 years fixed  (with inlaws as co-signer)Rental 2) Value 175 000 with a mortgage of 71 00 at 4.525% 30 years fixedRental 3) Value 150 000 on a land contract  ballon in 3 years at 4.5%  the ballon is 110 000our primary house is value to 285 000 with a mortgage of 160 000 at 4% on a 30 year fixedMy question is what should we do with the "Rental 3"?

You could look for a friend or family member to put up some cash and make them a partner or offer them a fixed % return on their money for set period of time. 

I thought since I had already used the VA loan I was out of luck to use it again, that's why when I discovered the FHA loan it would help fix my low money down issue.