Seeking some advise about to close a deal on a duplex and a single family home both owner carry...Any recommendations on the best way to draw or write the contract?

Needless to say, through FHA this was a pain with all of the guidelines, inspections draws, and of course there was a huge learning curve since this was my first deal.Move to today and I am currently in contract on a 2 unit with an unfinished basement and am using an FHA loan to close on it.

Ask yourself why you are interested in real estste, what is drawing you into this field? 

A good realtor will be patient with you, run sold and rent comps (if a rental) and draw up a lot of offer docs for you before you get one accepted.

So I say draw a big circle around DFW area and look around that circle edge….and possibly outside it….so for example on the north side Justin and Ponder and as you move along the circle...Denton and Krum, Aubrey, Sanger, Pilot Point, Prosper, Melissa, Anna, Princeton, and north to Sherman and Denison and all the small towns in between there and McKinney.

If your plan was to flip your way there, I would suggest a HELOC you could draw and payoff as needed.

Also a licensed architect can provide drawings that can be used to get your permits.

We need more draws to Louisville and downtown! 

However, my current issue is figuring out how to disperse the funds to the contractor at regular draws. 

There are a few things to know about 203k loans: There are "scope-of-work" plans that will be needed, and there is a HUD consultant (an FHA designated overseer of the project) that has to sign off on each stage of the project before draws can be issued to the contractors.