I would eventually ask them to complete that anyway.

He is a real estate investor himself and is also getting into real estate development so very knowledgeable. https://www.facebook.com/Commercialwithchris/

House will rent for 1550Scenario 1: Pull 85% out, This would leave me with $8,700 cash in my pocket - Mortgage +T+I+HOA = $1,276.Scenario 2: Pull 80% out, I am left with $506 in my pocket - mortgage of $1,223The house is on the newer side so repairs should be moderate, and I plan to property manage it myself for now, but will build that into the equations since i want to eventually get out of Property management.  

I was wondering if there is any crowdfunding sites that raise capital for developers that are not accredited investors. 

There is a lot of development in Logan Square (understatement I know) but getting a zoning change in certain parts of the neighborhood is not possible (depends on the alderman - one guy has a blanket no change policy).

I think either decision will eventually pan out if you have a good property in a good neighborhood. 

We are in South Dakota and the are in the beginning phases of development currently working with architectures and beginning the studies.Thanks

Mine have been 'get your money back... eventually' but never no money down.

I will be acquring about 30k of equity and want to eventually use that to buy a second property and that's where I need some assistance. 

I understand that FHA loans are only allowed to be used on a primary residence, so I'm wondering if there's anything illegal about getting a 3.5% down FHA loan and moving into the property, then eventually moving out and turning it into a rental.