@Lisa Lusby Hey Lisa, in any strong market, you will get lots of “investors” trying to find deals.

I could write a dissertation on why to buy and hold in the BA is a strong play, but if you do a little research there are graphs floating around here on BP that go back approx. 30 years showing the effects of the various downturns in the market. 

I strongly believe that the first deal is truly a learning experience.

Select your partners wisely - Realtor, Lender, 203k Consultant, and ContractorREALTOR - it's recommended to work with one that has done a 203k in the past so they know what verbiage HUD wants to be added to the purchase offer contract and how to structure the dealLender - advice you to select a lender with verified 203k experience; the lender is the quarterback in the process, controlling the rules, paperwork, processes, procedures, and if the lender does not have sufficient experience with the 203k, your entire process can look like the Cleveland Browns on a Sunday afternoon203k Consultant - the lender is responsible for selecting the 203k Consultant (refer to Lender paragraph above); this person determines the scope of work and pricing for the projectContractor - strongly advise you to select a Certified 203k Contractor; this person does not set the pricing (see 203k Consultant info above) but does need to know the different versions of the 203k, payment methods, timelines, paperwork, and processes; definitely don't want to work with a contractor who is going to "wing it" on a 203k.

When you're ready to buy you can assess if it's still where you want to go, but I expect it to stay strong for awhile yet.  

To get around this, you need to have a good relationship with a bank, and show a strong track record that you can not only increase the value of the property but maintain that strong performance.  

My credit is not strong at all and I only have about $8K cash reserve. 

I strongly suspect this is priced as a business and not real estate, meaning it won’t appraise for an FHA loan.

.), we've started investigating select second- and even third-tier cities looking for strong rental markets that also offer growth.Lubbock, Amarillo, and Waco are just three sub-markets that we are carefully considering.

The property is located in a reasonably busy seaside area and has a strong influx of tourists.I would now be able to finance about 60 percent of the purchase price myself.