Then either flip it or refinance.Either way - flip or refi - you use those proceeds to pay back your short term money, or, in some cases, roll that short term money right into another deal.

@Raven ReinmuthAfter moving out from here we did a flip and rolled the earnings into a condo which we live in now.

As part of the contract of purchase include language specifying you receive copies of any existing leases, and rent rolls if possible.

@Tom MurphyWhy not just roll up your sleeves and rehab it yourself ?

@Rodney Buford He apparently is rolling out his scam across the country.

Get the rent roll and T12 financial statement and go to work on that.

I think he was more asking along the lines, here are the rough back of napkin numbers, is this even worth my time.1) His financial goal is to Rehab this property that he estimates to need $30,000 in rehab so that he can cash out refinance at 147k and roll that into a new property2) He has a property in his sights, I assume he wants to put an offer in ASAP, and start rehab ASAP, given his full time position and savings, he probably wants this project complete in less than two months so he can rent and cashflow3) Offer>Close>Rehab>Rent>Refi>Repeat4) Second property, I assume he has an idea on how he wants to offer and negotiate>Credit Union to fund Purchase and rehab>I hope he's thought of how to rehab>Will probably reuse his method of renting that he uses on his first rental>Most likely plans to use the credit union to refi>Repeat5) Has said he plans to offer lower>Find a good meeting ground>$30,000 rehab goal>$1050/Unit Goal>$140,000 Refi Goal6) The university town is his market7) Realtor>Credit Union>Credit Union>Prop Management/Self Manage, whichever he currently uses on his first property>Credit Union>Repeat8) Same as step 59) you missed step 910) Each part of the process flows into the next@Yollan Kitsoukou To  Joe's point, these things need to be on the back of your mind but don't be discouraged if you don't have each of these things figured out fully.

You might find out the first month, some aren’t paying exactly like the rent roll said .

Not sure about where you should roll your capital but if you have any 1031 questions in the process @Dave Foster is the resident BP authority, a 1031 QI and can answer any questions you have along the way.

I'd be more than happy to share some info with you and get you rocking and rolling.