I should have stated while creating this thread that project is very similar to a condo-hotel.The 55k is leaseback money given by the managment company as an incentive to buying a unit.

BTW, I live in a town of about 5,000 and there are two other towns of similar size within a 5 mile radius and another about 15 miles away.Meantime get your credit squared away and build your cash!

So, I thought the best option would be to join a forum or two and meet a few other investors with similar interests.Thank you for reading my short introduction and I wish you happy hunting in the wholesaling world!

Or has anyone dealt or experienced a similar situation?

I'm about to close at 157k but the appraisal came back at 165k so I guess that's good.Recent comps have come back at 180k for similar units (renovated) in the past 4 months, so since I only put 10% down and I'm doing a 80/10/10, I'm planning on refinancing after I make some renovations to capture that last 10% so I can lower my mortgage.

S-Corp are very similar to an LLC as they provide pass through income to its share holders or board members if you will.

Larger units will also come with similar basic equipment but adjusted to the size of the unit.

Hey NocI'm in a similar situation as you.

I'd recommend them to anyone in a similar situation.

Originally posted by "noobdog1":personally, if i'm single and/or married with no kids and i have an income that pays the bills, the following strategy sounds like a very good one.1. buy a property in an appreciating area to live in - below current market value 20% minimum.well shoot. i already messed up step 1. comps for a similar unit in excellent condition was 180k and i purchased a rehab-condition one for 157k. is there any reason why 20% is the min?