You can then put him on a draw schedule, excavation, foundation, frame, etc.

Looks like you have a good foundation for investing starting already, so keep going!

This is because other investors will take that risk, gambling on the borrower's repayment of the loan as the foundation of their return.

Some concerns that lenders will not lend on:- Water in the basement- Bad roof- Foundation issues- Electrical service not up to dateSo in these cases, cash is the way to go.

I find it hard that some paint and carpet is going to get me $30k.Also as one of the other posters mention, it looks like a double wide on a foundation.

I know lenders are picky about financing properties with foundation issues, roof issues, electrical issues, and plumbing issues.

You should have an attorney assist, I'd suggest a better note than what is usually found at title companies, but they work as well.

You're right though, learning the process is how best to build your foundation, along with knowing your local market.

Great time to start build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Welcome @Xavier Yepez sounds like you have a good foundation!