I can't wait until I can contribute what knowledge I have to help make the path easier for others.I am looking forward to being a part of such a wonderful community!

How long do the banks you mentioned take to close?  

I forgot to mention that I have just (today!)

If that is possible what is the process (i.e. is there a time period that I should wait before taking out a loan on the for the second home)?

I spoke with another agent who is stating that I need a policy that covers not only premise liability but also completed operations coverage (builder defect) and am waiting for that quote.  

The private money is within the family- We haven't sat down and talked numbers yet (still waiting on more details of the deal) but it wouldn't be exorbitant.  

You may be able to negotiate a bit of a discount if it can wait next year and get on the schedule for early spring when they typically don't have as much work.Not trying to hijack this thread, but if anyone can share the name of a decent roofing contractor in Milwaukee County please message me - Thanks!

Many investors seem to take the approach that a PM is just an unnecessary added expense that they can handle themselves, but I know from experience that a great PM will usually rent your property more often, for more money...not to mention take the daily management grind off the owner's plate...freeing them up to do more deals!  

I have not heard of any investors or banks willing to finance land with a potential teardown just waiting around for appreciation.

. -  I wish I had the 100k in my account but will certainly try and mention the owner financing option (20k down, and 1k/ month, transfer deed to my name, and take over and sell property for profit and pay off owner after sale) and see what the seller says.