Then, they see a juicy income property come up for sale, discover they are house-rich and cash-poor, then they go looking for HELOCs and cash-out refi's.My $0.02...David J Dachtera"Success is not a destination.

I want to say the title search discovered land rent although we knew about it before closing so maybe our realtor found that although I'm not sure how.  

I invested money in a guru only to discover Bigger Pockets covers it all (and probably better).

I guess it comes down to which structure has the least flaws.

Hello everyone, I am beyond elated to discover more knowledge to attain financial independence like so many of you have.

If you think you will go FHA, 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

If however the mortgage company discovers what you are doing, which is unlikely, you will be deemed as having violated the intent of the mortgage conditions and likely either be required to pay penalties or have your mortgage pulled.Living in the garage and renting out the building the mortgage is on is clearly a deceptive act as much as many would like to believe otherwise. 

Even though you're new, you've already made one of the most valuable steps forwards and that's discovering this website!

The next two months proved challenging as we discovered that title companies aren’t made to work with people like us!

Have your Contractor look CLOSELY  for substantial ( FOUNDATION ) flaws or damage.