Very early, you probably need a small number of investors who are willing to make a very risky bet to bankroll the upfront work.

Those both sound like good deals.If your credit is good, you can refinance.

You didn't mention any called and asked you if you wanted to extend the lock for another fee, usually a sign the Lender is making the logistical errors for the origination because if a borrower caused the loan to take longer, you bet they get a call.Moral of the story, you have managed to get what you were offered, which is great and I commend the Lender for doing the right thing.

And after a year, would I be able to refinance out to pay of the LOC?

It may seem that we are worlds apart, but I bet we are not...Having said this, I presume that there is at least one very large point of inflection - I've lived in socialism and communism.

You need to ask, What needs to be renovated, how is the economy/job growth in the market, what is the neighborhood like, is a chance to get $7,200 per year worth $40,000, Will you be able to qualify for a refinance before his terms are up?

Type of Financing: I use Hard money quite a bit for initial purchase, then refinance in a year or 2 after repairing and stabilizing.

The best bet is to build a relationship with a local credit union or bank, sometimes they have a portfolio division and are willing to invest in you.Like I said, I haven't been in the business for a while and I currently deal with private investors now so I may be a little out of the loop but I hope this helps!

Refinance and buy another real estate investment property.

Can I refinance to conventional from FHA (considering seasoning requirements)?