Essentially, you get a mortgage in reverse because you can't afford to pay for your mortgage and then the lender pays you?

There’s a judgement for $280K from a reverse mortgage that the lady should not have been able to sign according to her son.

I already know my lender's basic terms to estimate the mortgage amount and use a vacancy rate of 1 month's rent and base my maintenance estimate between 5 and 10% depending on the type and age of the property.Note: I have 8 rentals and am by no means an expert.

We are looking for an area where houses are cheaper and can be flipped relatively quickly.

Things to consider:1) Depending on the state you live in, an LLC may not provide as much protection.2) If you don't keep your finances perfectly separated (and even then it's not a guarantee), an LLC may not provide you protection.3) You'll end up paying more in your mortgage and your LLC costs.For those reasons, especially for your first one, it's generally fine to just get a lot of coverage in umbrella insurance (or a lot of personal liability coverage in the property insurance that you'll carry).However, I'd be very interested to know if any BP member can say that an LLC did prevent them from losing money or getting personally sued at some point -- I haven't seen that posted.

List price: $350,0004 units: 3 x 2 bd/1.5ba 1 X 2bd/2baI figured $1100/mo for rent for the 3 1.5 baths and $1150 for the 2 bathTotal Income: $4450I used Zillow and my assessor's website for tax info (although I have no idea what FCV and LPV are)Tax: $95Vacancy: $230 (5%)Repairs: $230 (5%)CAPEX: $230 (5%)Property management: $450 (10%)Mortgage: $1922 (using an FHA loan at 3.5%)PMI: $280Insurance: $70 (based on zillows numbers)Total Expenses $3507Cashflow: $4450- $3507 = $943Down payment: $14000Closing costs: $4000 (I definitely need help with this number)Rehab: $10,000 (pulled this out of my butt, only 1 picture of the outside)Total cash in: $28,000Cashflow for the year= $11316COC ROI= 40.4%I'd just like a little help to figure out if I'm even in the ballpark or if I really need to make some big adjustments to my numbers.

Flip it - rehab, put on the market, pay off her mortgage and take whatever left.Not sure how you wholesale it - appraisal is $110K and it's public info.

The only reason my buyer refuse to make an offer was that cemetery - everything else is perfect.The price was reduced few times until it was cheaper than REOs for that location and the house was in very decent condition.I'd say it get sold cheaper 30-35% than it's MVWith murder disclosed it would be unsellable ....my guess

We can probably get $2,200 in rent.Besides current home we have 3 rentals.I'm a big proponent of paying off mortgages and debt even on our rentals.

Is this a smart option to get the 46000 and use that to purchase an investment property, or too risky since I’m assuming my current mortgage will double?