Their loan would not be paid off, you would make the payments.

The deal was financed through a combination of personal savings and a hard money loan.

LLC or Land Trust vesting is never stopping the existing lender from calling the loan, in fact the opposite, it may trigger it.

@Schuyler Covert you need to have an attorney draw up the loan documents.

You either pay cash or maybe get a hard money loan which is expensive and then refinance when the rehab is done into the long term loan you want. 2.

I never got around to it because of some roadblocks:1) I was told if I add a 2nd level, I would exceed 1-4 multifamily loan and would require a commercial loan.

Is there a lender oe LO who's able to do a 203k loan with a total loan amount of 63k to 70k? 

We have about 100K in equity and have some cash on hand but not enough to cover a 20% down payment, loan costs, and rehab costs so the HELOC or second loan seems to be needed for our first deal.

Hi Pafoua-I have dozens of options for DSCR loans with 620 credit that only go off the rental income, with consideration for your equity and credit score.

The loan was for 260k.