I'm going to give a short bio on me and why I got into wholesaling, how I'm going about it, and my goals for the next year.

At the moment, my primary real estate goal is  to wholesale and buy/hold rental properties.

The note was set up so that I have the option to refi and pay back the loan prior to the 2 year balloon, however the lender must receive at least 1 years worth of accrued interest.

I'm really looking forward to getting started as soon as possible but I've set a goal for owning my first investment property by the end of 2019. 

But everyone has differnt goals so to one person a 6 cap might look good because they're doing a value-add and want to increase IRR to 30% in a couple years and throw a couple hundred k at it. 

This seems very overpriced imo, however, if you want large tax losses to offset any other gains from other stuff then it could be a great deal if you think their could be appreciation.It's all about your internal and external goals and what you want to achieve, but on a purely numbers basis I would pass.

Aaron Amuchastegui, Manager, Homerock, LLC See the answers to these questions and more in the Speaker E-book here.The following speakers have contributed to our E-book: Aaron Amuchastegui, Manager, Homerock, LLCKevin Baldridge, President, Tricon American HomesBruce Bartlett, Managing Partner, Sequoia Real Estate PartnersMark Bloom, Principal, NetWorth RealtyGreg Coleman, Co-Founder & Managing Partner, Revest Asset Management Steve Daniele, CEO, Shannon Staley And SonsKathy Fettke, Co-CEO, Real Wealth NetworkRandy Hagedorn, Senior Vice President, Tricon American HomesLee Kearney, Owner, Southeast Property Investments NetworkIsaac Kyle, CEO, GOAL Property, LLCSandor Lau, Chief Inspiration Officer, Noted Financial Ryan McGarry, Managing Partner, COO, VineBrook HomesWade McGuinn,CEO, McGuinn Hybrid HomesMarcos Morales, Executive Director, Hogar Hispano, Inc.William Powers, President, RTO Property Michael Saccento, Director, Figure Doug Smith, Portfolio Manager & COO, Castle Rock Capital ManagementKelly Stumphauzer, Owner, Prosper ClevelandThey will be joined by over 170 esteemed industry speakers who will be discussing the key issues and opportunities in the single family rental investment market.

They clean out the properties and sometimes do light renovation prior to putting the house on the market.

Now that you've gone through this, have you set up any procedures prior to buying the property to avoid this?

You will need to show proof that your living there and that the home that was your previous primary in now on listed on the market for sale or better yet, sold, prior to your refinance closing.