@Beth Anderson, You can use a FHA 203k loan to wrap renovations into the loan.

The refinance will get our down payment back, along with the current mortgage and renovation loan paid off.

Contract for Deed | Texas Law HelpReason I ask is a contract for deed is a type of seller financing that the owner maintains title to the property until the loan is paid off.

However after running the cost it would be a 25yr loan of $33,000 at 5.99% and the monthly payment would be $150. 

I did explain to them their options they had (such as sell it on the market, keep it and file BK, get a loan mod, and credit counselors out there who could potentially assist).

Fill in those two numbers into any online mortgage calculator, and it will tell you what the maximum loan is. 

Moving forward I plan on doing 2-3 flips per year which will be will be Cash deals with no loan.

If an investment property, there non-warrantable DSCR loan options.Some details:Loans available for purchase, rate and term refinance (no cash out) and cash-out refinanceCredits score down to 620LTV are up to 75% for purchase and 70% for cash out.Rate buydown feature available.DSCR (lower of gross rent lease or Form 1007/216 rent divided by PITIA) as low as 1.0x.For experienced investors (one year of investor experience and own home), short term rentals can be structured off of 12 month short term rental history with 20% expense factor.

Whenever you apply for a loan, the credit reporting agencies will give your information out to solicitors.

Our ski in/ski out STR in Colorado only went online late Dec. 2023 so my data is very limited.