I saw that you said the property manager has a lot of experience with turning units to get them reno’d so maybe the additional 6 months to a year of rental premiums could be your hedge on that $50k in repairs that needs to be completed, as long as it makes sense for you guys.

I set aside 8% per month for vacancy in addition to 5% cap-ex, 5% maintenance, 10% PM (which they take directly), etc.  

(My husband has another full time job in addition to flipping). 

In GA (if that's where you're looking in invest), after winning an auction you are issued a "Redeemable Deed" that, if the property owner redeems, the winning bidder is paid back their investment amount, plus 20% penalty on the first year of elapsed taxes, and 10% on any additional year after. 

Last year we bought a property with three mobile homes on it and this year we just bought another property with 3 different lots but only one mobile home on it that we plan to fix up and put an additional two MH's on it. 

We're to the point of exercising the option now, but the title company wants a letter from my bank (I still have a mortgage), stating that they're ok with this wrap. 

@Ryan Pilioglas In addition to whatever school you choose, I would look up Prep Agent on YouTube.

A foreclosure afterwards does do some further damage, but the majority is already done.If the property sells at the foreclosure auction for more than the judgment amount then they would get the balance, assuming there are no additional liens..You will hear a lot of untrue and exaggerated claims and ideas in guru “training”.

Hi @Alison CrawfordA few additional thought to my earlier message.- 3-4 units still puts you in the residential category- 5 or more units is commercial residential and most lenders will expect you to have experience and will generally have more restrictions on the lending process- A 10+ cap rate in the Boston area will be extremely challenging to find unless you are planning on a massive value add or redevelopment- No idea what your personal financial situation, but a 3 family in Worcester versus a 20 unit requires a very different upfront financial commitment.

The foundation company is now wanting to charge an additional $3500 to put in 4 more piers, not to mention I will have to spend another $4-$6k to repair and restain the hardwoods, which can't really be done while we are living there.