I have enough money saved up to pay for a house using an FHA loan but I feel like I would be screwed if the house was damaged and I had to pay thousands out of pocket to fix it.

The challenge lies in managing renovations and the surprise costs that can come with them over time.New construction, on the other hand, tends to be simpler with less immediate maintenance and potentially better loan rates, but you may have to accept a slightly lower cash flow due to higher purchase prices.In the Atlanta area, there are several hotspots for new builds with great long-term investment potential, as well as older homes you will need to pinpoint which type to best advise here.Hope that helps streamline your decision-making!

Even at 75k you may find yourself spending less over the long term than by getting a loan. 

You would be paying back the loan via renting and refinancing or selling the property and paying the money back .

The other owners would sell you their shares for the value you agree on, and the loan funding (your new debt) would be their proceeds.

The bank wants to know how you will pay back  your loan.  

Do I need an attorney to help structure the loan and details?

Because the homes were inherited and possibly has zero loans on them.

Purchase price: $740,000Using investor contributions and a non-qm loan, we’ve purchased a lake front home on Lake Norman, NC.

@Michael Ablan  You would call E.M.S. then pack all their stuff up and leave it in their vehicle after the ambulance and police are gone.