Anyone a lender, know lender, are a  lender that might have some solutions for me (like 90% ltv instread of 80%)?

Anyone a lender, know lender, are a  lender that might have some solutions for me (like 90% ltv instread of 80%)?

This is actually what I got form the agent "The owner is elderly and wants to start liquidating all of her rental properties, since her husband has passed away and her daughters who are involved with the property management are no longer interested in this business.

For a variety of reasons, you might also want to form an LLC to partner with your partner LLC.

Here's the link to that https://dor.sd.gov/Taxes/Business_Taxes/Publications/PDFs/CETGuide.pdfAs far as analyzing your deal, it's a no-go for me. 50k purchase and 20k rehab (pretty low estimate, and you have to build in a rehab contingency percentage for things going wrong) only leaves 30k for all of those costs, and with a 100k property you're looking at potentially 5-6k for the realtors alone.

So in my mind as I look at this and again legalities aside for me I would simply close on everything and resell.but I am thinking I would need 500k or so in cash to really jump into this a build a business.. 

The location is great and the apartment would be a great first house hack for me, which bring me to my question.

Real estate is not a full-time gig for me so its hard for me to get fully into off-market deal searching.

@Bob MaleckiThank you so much Bob, this has cleared up a lot of questions for me! 

Which is why every time you do a 1031 exchange your accountant files a form 8824 which takes the adjusted cost basis of your old property ( profit and depreciation) and carries it forward to the new property.