Jay, I am still waiting for information from the loan officer.

Attempting to gauge participation in the member loan for the Austin 4-pack managed by RevisionMasters.

I have a friend who purchased a distressed property with cash and is looking for a hard money loan to complete the rehab. 

They are legit - USA Today had a pretty great article about them online.

@John Mason, lenders will look at your credit history, income and assets held to determine your eligibility for a 15% down payment conventional loan.

You can also check their reviews online at Google, Facebook, or Yelp.

Duplex is a great first step into the REI market if you can buy one that you can put in a little TLC/renovations, you can quickly refinance in as little as 6 months and buy another property keeping it as a rental.Duplex allows you to use the other "Unit" rents to qualify for the loan or higher loan amount.Rent is a waste of money when you look at an amortization schedule and payoff based on a 5 year model your rental has (ZERO) equity and a home has money you can pull out.

Then I thought I could buy the house from my dad for $300,000, which would include the money needed for the rehab instead of doing 2 separate loans.

I have a few seller finance deals that I am currently rehabing and was wondering if anyone had any creative ideas of pulling the renovation money out while still keeping the seller financing loan since they are 0-3% in place. 

This is because you can't get an FHA loan for an LLC and thus have to put down around 20% for the loan.