Use an attorney to draft up your legal loan documents and ensure it's safely secured against the property as a deed or mortgage.

Any other possitive factors  - stable tenant base  - alarm systems  - regular checks on the property  - no pets  - Lead safe certification  - newer roof, plumbing, electric, etc..Anything to balance off the lossesBe prepared that it may end up in a non-standard (surplus lines) market for a couple of years.If you did not have flood coverage before, see if they will continue the current policy if you get Flood coverage and increase the property coverage deductible. 

They didn't go in depth as to what exactly that meant but it's safe to assume they want to help a local family make it their primary residence.

You can later convert that house (after a year or so with a safe harbor from the IRS at 2 years). 

The only big limitations that may extend your timeline will be coming up with a down payments, and coming up with the reserves required to operate in a financially safe manner, and as may be required by your lenders.

Important Documents Lastly, make an electronic copy of your closing documents and store the copy you receive from closing in a safe place.

Let me know if I can help you in your real estate journey. hello Brian and good afternoon, at this moment I am currently working on the best way I can do my double closing and double checking if it is safe to do wholesaling in Oklahoma since some require license.

You can also have the electrician inspect the rest of the electrical, ensure that it's safe, and get a bid for upgrading in the future.

But in the mean time MTR still feels “safe” for this newbie.  

If you're looking for somewhere fairly safe and consistent to store cash, land purchases in this area could be a good option.