I want to invest slowly but I am eager to learn and educate myself since I see this as a potentially strong and stable source of income for the future.By browsing the community here for a couple of days I immediately realised how vast and extensive the resources for me to learn here are, for that reason I have signed up to the forum and looking forward to start asking questions, read through your stories and hopefully being able to contribute to it very soon!

Now that you've heard my sob story (sorry), I am looking to invest in an area where I can purchase something in the 100k-200k range, Invest 20k-50k on improvements without adding on any extensions or doing any major structural work, and make a minimum profit of 40k.

One unit needs some more extensive rehab, such as kitchen upgrades, updating electrical, new flooring, and potentially putting up walls in a room to make a closet.

I did refer her to a go-getter agent and an auctioneer, so if she gets the extension she requested, she has some solid contacts.Thank you so much for asking!

We wanted to process the financing as primary residence due to its extensive rehab.The title will be both of my name as well as my husband’s.

Can there be any extension of the 45/180 day timelines or are those set in stone?

That is, unless you’ve done some extensive work to this property and drastically increased its value. 

I've already been looking at 75% LTV for my more conventional loans, so that's good. 13% + 3pts is another good bit of information. 6 months seems a little quick only because some banks that refinance might want 1yr of seasoned rent.. in those cases, assuming that's not factored into the agreement, how do those extensions work?

These are things to consider when taking on a loan with a balloon.That said, as a developer and flipper, I have balloons in all my loans as I am not holding them for any period longer than 1 year typically and if I go over 1 year, I can ask for an extension with my private lenders.

You'll be building equity and can presumably raise rents as you improve the property.I'd be a little careful on that sewer main replacement issue, too...those can get a little hairy having to dig up yards and streets and whatnot, depending on how extensive it is.