The old owner hadn't build out the lots to their best potential, so because they are all actually modular units (hint: modular units don't count as buildings but are instead personal property, so the property taxes are WAY lower than what we would pay if they were permanent structures), so we are moving units around (using a large rough terrain forklift with extended forks) and are currently prepping to add 60 more modular units to one of the locations and will add more to the other location later. 

It is a permanent commercial loan at origination that has a 6-12 month (interest only) construction period that converts to permanent financing and amortizes afterward the construction period.Nice work on matching your funding with the property plan. 

Beware, however - you may be comparing your 'market' with other places that have been fixed up and are fresh on the market, so be sure you are going apples to apples.One of my vendors has a saying: "Pigs get fat, hogs get slaughtered."

By doing it this way, you can structure the arrangement for the specific deal, as opposed to becoming part of the LLC and thus becoming a permanent part of the company.Either way, your dad will have to report the income.

If you want to spend your time to make a permanent note on the tenant's history, go for it, but a favorable judgement is unfortunately no guarantee of payment.CO sounds even easier than CA.

If I am getting this wrong someone please tell me.DavidIf your just looking for a place to hand your hat for a little while and not a permanent you should definitely look at doing a duplex, triplex; I don't know about the area your in.

I understand that owning a rental property might diminish my buying power, potential for moving into my own home but what I have discussed with my roommate is me moving into this condo for a couple of months or however long it takes to find permanent tenants and then I'd move out.

As a foreign national (now a permanent resident in the USA), I can suggest the following:Run a search either over the internet or through the junk mail you have on credit card offers and look for secured credit cards ($300 to $500 limits) and apply, securing your limit with your own cash or a bank account.

By "be into" I mean the permanent loan and any of my own cash that's into the deal.

I live in France, and here according to the law, if we want to flip and sell multiple houses in a year we need to pay big fat % as tax.So, I will be sticking to buying and holding.