Then they sold it to my brother in law, so assuming he has legal possession now. 

(1) Is this legal? 

@Bryan Devitt That is good information - I am waiting for the 6 month mark with this new job before getting my pre-approval letter.

I have a buyer approved with 130k FHA loan and about 20-30k in cash.

so a triplex/duplex only requires the same review as a Single Family home.So, I'm just building an excel spreadsheet with best/worst case budget #'s for each step in the process,  get an approved set of plans and then I'm going to shop it to 3-4 builders I already like in my area.   

The HML guys need to charge 3 or 4 points because they need that profit and they need to put some away to pay for the legal fees associated with foreclosing on you later on.

If the bank approves, does that mean that the Buyer can assume our $2.45 million loan at the same rate??

How does it hold up as far as legality and also is there a decent market for it out there or more trouble than worth.

I’d really love to fix and flip and buy long term rentals but I just don’t have the cash yet and I understand that hard money lenders are very expensive for new investors.Any tips or legal advice for this area would be very helpful!

*This post is not to be relied upon and does not constitute legal advice.