Closing costs for me would be $23,000    I would need to use that as well as $125,000 cash from me to pay off the current mortgage I would then have 5 lots left to put houses on so it looks like I would have $25,000 profit in the end plus the 5% and have 5 lots free and clear for freeI’ve never been great at figuring returns or what is the best way to do something so I’m looking for advice If I could do a wraparound/land contract that seems much better as I wouldn’t have to come up with any cash and would make 1% interest on the $175,000BUT I don’t think buyer will go for that 

Grandpa passed a couple years back and left the place to me as he knew I had the most love for it.

In this case, you leverage the property you are in so you still have money left over.The other option is utilize the cash to do the BRRRR strategy in order create more cash flow and have the mortgages covered so it doesn't effect your debt to income ratio for when you get your personal residence.That's the joys of real estate, you have options.

I left biglaw earlier this year to take an in-house job with a (MUCH) better lifestyle but lower long-term earning potential.Household Income: $365 guaranteed, $440 if I hit my bonus and include our rental (bonus is a target of $60k but is not guaranteed, rental grosses $15k though we net less after taxes/expenses)Net worth: $1.15M: Cash-$390k, Equity in existing rental (out of state)- $200k, college savings $30k and retirement accounts - $520k, no debt (both cars owned outright and rental doesn't have a mortgage).Current Housing – We live in a HCOL where we rent a 2bd/2ba condo for $3.1k.

For LOC's most banks will only loan 70-80% LTV, so you'll have to deduct your first position mortgage and see what's left to borrow against. 

They even left the laundry room open to the public for some extra cash.

I've left several messages with various service interruptions but the issues keep happening

I sell my left over houses usually on ZERO % financing like right now I have 2 in cleveland i would do that with.. great deal for someone who can handle larger than normal payments and wants to own them free and clear in a few short years.

I have 2 years left before graduating and making potentially 75k/year.Work: I would make a little more than 1800/month in addition to receiving 5% equity of a storage company after 5 years. 

@Carlos Flores I wish I could make it to this one but I have just left town for the day.For anyone interested, check out another meet up Wednesday at Cigar City Brewing!