Of course, securing the land would be difficult in a downtown area if not very expensive.

Most rehabbers that i know don't pull permits for anything other then serious structural work that changes square footage (room additions, expansions) and other new beneficial additions that need to be reflected on the title or public records (new HVAC with ductwork, changes of gas water heater to electric, etc).Hire a good good licensed contractor to give you an unofficial honest opinion for a nominal fee, make notes of everything he says, then hire an official inspector, see what he finds and also point out the things contractor mentioned to discus further.

The second mortgage amount of $40,000.00 must be secured with another instrument other than the property.

Would you be able to secure enough by the time your single family is finished with the smaller immediate return?

I was not able to secure a deal on any, likely because their number/$ and mine were not close enough.

Now the only question would be whether to secure the funding first or find the properties first.

You're going where you don't need to go at all, a sale contract is all ready made for a buyer to acquire good title, free of encumbrances, that would mean that you are to receive the full bundle of rights of ownership unless there are restrictions to title like a utility easement or HOA restriction made of public record.

Go to the public library, read everything you can get your hands on, save some money and buy a house.

I think it's really about what level you are at.I was reading an article recently that said the most people start to feel wealthy and secure around the 5 million mark with 4 million equity and at least 1 million in cash.The people at 1 to 2 million felt like they were progressing but not close enough yet.Many people are trying to cover their lifestyle and business operations and to purchase more deals.

When I got home I noticed one of them had not entered his social security number so I called them with the supplied phone numbers.