Site and features make it a 10M parcel with gradual development in 10 years (could flip for 3-5M immediately with the right marketing)B) Standard downpayment (240k) 1.2 mil - house - rental income would be about 3500 initially, with ridiculous business potential (currently unrealized/undeveloped)This isn't a planned sale, and being self-employed I've maxed write-offs and minimized income so my income probably won't cover the mortgages needed in the bank's eyes.

Second minimal grout lines, usually just at all the corners.

The closing costs are also very minimal. 

The money you spend is well-worth it in my opinion because they'll be well versed on all the ins-and-outs of what you can and cannot do to minimize your tax liabilities and maximize your deductions, as well as do forward tax planning with you. 

I have a small amount saved (at least in comparison to a lot on this forum--substantial for those I know), have limited expenses while I still have relatively minimal responsibilities, and have a lot of time and enthusiasm on my hands.In this transition for me, I am considering my next step.

I'm making this seem like a step-by-step process, but in reality a lot of these pieces are being put together at the same time in order to minimize delays in the building process.

I know my numbers, I know what is a good deal or not.The WHOLESALER determines the offer, NOT the buyer.I see some of you don't understand the job of a wholesaler.A wholesaler is not some sleazeball that does minimal work and then collects an (undeserved) fee.The wholesaer (a good one):1) Finds the seller2) Does his/her due diligance3) Takes note of all the things wrong with the house4) Forms a solid Cost Of Repairs, ARV, and As-Is value of the house5) Negotiates with the seller to put it under contract for a price that works by the NUMBERS, not the end buyer.6) Presents the contract and explains the contracts7) Makes sure the seller knows it all, what they can expect, how it works, what the risks are, what the time line is, etc.8) Finds a cash buyer for the contract9) Presents the cash buyer with the property report where all the pertinent information is lists for the buyer10) Makes absolutely clear that it is the buyer's responsibility to verify the numbers.11) Works as the communication middleperson between buyer and seller12) Makes sure the buyer follows throuhj with their responsibilities as well as the seller's responsibilities13) Keeps constant communication with the seller till closing.So I think I see where you guys are coming from when saying "it is the buyer that makes the offer".. as in the buyer will ultimately need to be fine with the offer... and yes, the end buyer needs to make a profit sure...

Hey Amar, personally I would be in favor of using the cash out of property 1 to do an all cash deal on property 2 and then if need be you can use delayed financing on property 2 to payoff/down the HELOC.

All the units were fully rented, which minimized our risk going into this deal.

The original seller/owner inherited this house as the beneficiary of a trust and there was some complications with the paperwork so the funds could not be wired and he received a live check in the name of the trust but he does not have a bank account in that name so there is a delay of getting his money.