Would you ask the owner to pull the permits for what he did in the past as a condition of the sales contract?

Buy at a discount, rehab the house, rent it out for a monthly residual income and refinance it so you can pull your money back out to do another one?

We have looked at several in Grand Haven and Holland, but have not pulled the trigger yet.

If it is a good deal, and I can afford it, I may just pull the trigger and buy it...

Ask me how I know this....2) the hardware at ikea for cabinets (drawer pulls, etc) is not the best, and needs some patience and tweaking, but can give you a really, really cool look for a lot less than custom.  3) if and when someone tears through the outer laminate (plastic) layer on them, water will destroy them in no time (think under-sink leak)

Something like the image below (pulled off of google...obviously the keys would be more modern keys).

And then go to the bank and get a loan on the property to pull my money out.So lets say I can get a 100k property for 80k, I can get the 80k I originally invested into the business to buy the property.

When the house appreciates again, you can refinance and pull out more equity to invest.  

Keep moving forward but don't pull the trigger before you are ready.

You can even refinance after a couple of years and pull out your down payment to then have no money in the deal, and cash for the next purchase.One requirement is that you do have to live in the property for at least one year to be considered an owner occupant in order to receive the FHA or 203K.The 203k loan is ultimately a FHA loan, but you are able to include rehab costs into your borrowed money.