Besides money you can list other assets, connections, experience, etc.Your mission statement should say who you want to be, doesn’t have to be who you are now.

Having said that, your statement that you should consider the opportunity cost of any downpayment is certainly true and that's the reason to simply calculate the cash flow with the assumption that the entire purchase price (plus rehab) is being financed.

We have always "hired" people by our votes to vote for us.Thus the statement ("and to the republic for which it stands".. the US flag does apply and has always applied to the Federal government.A small sampling of the differences between the two can be read in this small excerpt on the subject.In the Pledge of Allegiance we all pledge allegiance to our Republic, not to a democracy.

If you do decide to go the HM route (and I agree that a traditional bank/loan should be sought out first)Be sure - and I mean extra sure you can get a refi - and not just some pre-approval letter - make sure someone looks at your actual bank statements / pay stubs / tax returns etc....all of it.Also - I would pay for at least a desktop appraisal and I would study the comps (or have the appraiser chat with you about it) and see what kind of volume is happening in this area.While I have never had a HML for more then 60 days if your going to keep that cash for longer you need to be sure the comps will be there to support it - if your looking 6 months out understand your taking a risk - what if there are no comps?

You want the current statement from the lender and you want copies of any letters showing what's owed.

To anwer the statement about having no rental experience: I would be building off the experience of others.

But it seems a small price to pay to improve the life of a rock-solid, longtime tenant—and, of course, to assuage my guilt over owning such a run-down property"I know this statement probably will get on MikeOH's nerves but what can I say.

I haven't found a flash funder that will allow closing at two different title companies.I belive this statement by Justin is a bit outdated as he NOW does now of a funder who will provide this service.I just can't mention who due to forum rules!

Jessie said it better then I did :)My point (very poorly worded) was that if you find a buyer willing to pay $13K for a property listed at $10K you are still going to have a close - your OP clearly says there is a Realtor involved so your going to a title company to do a normal close with settlement statements.

I'm not sure I fully understand what is meant in statement (2) of the answer: "Then they would get the note assigned back to them AFTER the 1031 exchange has been completed".