Wise presented objective investor need to know information about the greater Cleveland area.  

My grandma is living in a retirement community based condominium, and wanted to leave me a unique ‘inheritance’ persay by selling her home to me for 100k.

As stated, I have developed a somewhat unique strategy where I am not so much targeting the distressed homeowners other wholesalers are.  

Does the object of the plan fit with your investment objectives?  

We found the renter this week, he filled out the application, and his back ground check and credit check all came in good.Here are the numbers:Total cost including repairs 77kRent $1750Interest payments to the private money lender until the property gets a long term loan $583Taxes and insurance around $150Maintenance/repairs budgeted $100Vacancy/turnover $150Monthly cash flow $767ROI 767 x 12 / 7000 = 131% per yearMortgage on long term loan for 70k at 5.25% for 20 years $472.ROI with long term mortgage 150% per year.ARV - because it is a pretty unique property it is hard to find comparables, but making some adjustments from other properties in the same area, I would put the value at about 195k as is.Please let me know your questions or comments.

That's how we got connected with Wilshire Fund, and thankfully we were able to close on a $10M loan @8% with 1 point up front – it was a very unique opportunity.

Apply that towards paying the balance down too.Do both of those things, and >90% of refinances will not leave you unnecessarily more in debt (in this case it's a cash out refinance, so it can't be avoided).Do most Americans do those above two suggested things, or do most Americans take that money and go buy shiny new objects with it? 

If the bank doesn't object and the trustee says it's okay, then after the several months of time it takes to get those approvals, (hearings, comments from other creditors, and an appraisal of the value of the property) the trustee and bank approve your offer and you have to cash them out right away.

None of it helps your objective of using cash for an immediate purchase of your new home.

I plan on calling financial plus credit union, Elga credit union, Michigan State credit union (they have some unique car loan options so might be flexible), and finding others to get a portfolio loan.