@Tom HarveyThere are two things to consider: If you are going to live in a home as a primary residence, then you would need to seek out lenders with experience working with small businesses and the self employed.

@Edwin GiraldoYour plan makes sense.I'm assuming you're looking to buy and hold and not for a single family primary residence...You should also consider that buying with cash will then give you options later to refinance to pull 60-75% out once the property is stabilized and generating income.

hello all,I have a question that has been ponder on my mind. i currently reside in N.Y. and thinking of relocating to Fort Lauderdale fl. and purchasing my first owner occupied rental.question: when i use my current job income to quality for my loan. will the bank question my future job once i relocate to florida?

Not to mention that not occupying a primary residence purchase is technically mortgage fraud (definitely not mortgage fraud police, but that’s what a lender would tell you).

Hi Forum,I have a complicated tax situation and am looking for general guidance or a referral to a real estate accountant in California who can help answer.Facts:The property is a California residence appraised at $3M owned by the trusts of two now deceased great-grandparents, with execution of estate succession in progress.

Property Location: Moss Point, MIssissippi32 unit complex4 buildings sits on 2 acres and all units are on the ground floorAll 1x1 units (Market Rent: $500/mo) 60% Occupied ( most occupants are long term social security recipients ) Per the seller (seller from out of state) all vacant units just need cosmetic rehab to be market readyPotential Gross monthly income: $16000 ( all units rented and are paying market rate) Current Total Gross Income: $7400 ( due to vacancy and residents paying BMR) Current Monthly Expenses: $1941Monthly Note Payment: $3419.43Asking Price: $660,000Seller Finance Term: - Seller wants to be cashed out for the amount left over of the loan balance ($295,000).

Scenario 3....you could tap into some of your equity on your current portfolio and your primary residence if you have one and start doing BRRRR's and flips to generate more capital and more buying power. 

It doesn't hurt to try, but it might be hard to find serious investors.1-4 family properties are looked at more like a single family residence and 5+ are looked at differently. 

Then in 3-5 years you move to your "permanent" house you will have two rental units that most likely pay for both your old home and existing.Because your cost to buy is so low < $5000 you can buy the property, shop for renovation money, maintain an apartment (small studio or 1 bedroom) while the place gets livable.If your partner does basic construction he will know people who can do the heavier stuff, he doesn't do personally.

I think the Field Foods aspect is a big plus as currently residents would have to drive to Richmond Heights, Maplewood, or Southwest Garden to get to a Schnucks or Shop'n Save.