I typically use a local bank as the operating account for a property, and then if I own the property 100%, I will have a savings account that I will use for my reserve account for all of my properties.

Hello all, before you answer this question here's a little background.  

Hi all!

Hey guys, I needed some advice on new construction here in NJ.Me & my wife want to purchase a second home as our primary home but prices on houses are super over priced and just not worth it especially with inventory being so low & the market just all twisted.My thought was to maybe pick the town I want to live in and potentially see if I can get vacant land to build on obviously.I wonder if maybe it will cheaper to do this strategy instead of getting a loan for 600-700K home that still needs work and I’m not happy about it..thoughts?

You can get some illegals to do it all for 5-10k.

Originally posted by @Tim Lewis:Hi all.

Having some complex legal structure where only the lawyer can explain why its good can leave folks wondering if there is value there at all.

more info: At this point I'm satisfied with all other aspects of the application and credit/background check came back clean and excellent. 

Something like a USDA live-in flip might get you the capital to look at a 5% down multi or something of that nature.

@Ali Ahmed I sent you a list of all the Chicago meetups.