Be careful though, it has a minimal amount of safeguards.The rural development loan is also great.  

In addition, check with the Savings & Loans ("cooperativas") since they are usually more flexible.As to the DOS clause, it is enforceable, but as others have said the risk of it being enforced is minimal.

The flips around here are minimal is Columbus is extremely hot, but it's a possibility. 

If you are a newbie, step #5 might have to happen before step #4.As I mentioned, I decided to buy and hold in Baltimore.I was able to find a couple of places that was in my price range that needed minimal work.My criterion was pretty specific after looking at a couple of houses and talking to my team.The MLS has a large variety of houses, so going in without criteria will leave you miserable.

Hi everyone,I'm just getting started with little experience and minimal financial resources.

I gave a underhand pitch to someone with experience to encourage others to take the big leap into that next level. 

That's a good pitch to add to get the remaining funding needed for the project.

My husband and I are about to buy a home that needs major renovations: electrical, all new kitchen & baths, flooring, removing or minimizing a few walls for an open layout and if possible raising a few ceilings. 

You bite the bullet on the front-end to minimize ongoing operational costs.

The terms of the LOC are prime + 1%, 1% origination, and a 24 month term (renewable after 24 months for minimal costs).