If you can find a 3 or 4 unit multi where you can qualify for and afford the 3.5% down, you could actually be putting a some money in your pocket every month.Hopefully this is enough to give you an idea of what you need to properly assess this deal.NOTE: This is a formula only.

Keep in mind many of those OK deals on the MLS can be home runs when negotiated properly.

In my current line of work(DirecTv), I am constantly fighting off the state trying to classify subcontractors as employees, the subsequent fines and taxes, and subs refusal to do proper work and follow the contract guidelines.

just make sure you tell your banker everything so he can properly guide you.most deals I'm seeing done with financing are short-sales (as of 1 year)... this really depends on your area though.

Without proper reserves to handle a big-ticket item, an investor is asking for Murphy's Law to kick in.

I see great potential in rehabbing as well as buying and holding in my area but i do not want to rush into anything without properly acquiring proper knowledge.

There are various ways to reimburse someone for helping you out, but you've gotta make sure you're not treading into territory where you're acting as licensed brokers or salespeople, whose actions are governed by state and federal laws - hence, the reason you can't act like one without being properly licensed.

But I will need a source of construction financing from him, possibly a second mortgage, to make it into what my partner and I need (e.g., two real bedrooms, another bathroom, and a rooftop area to overlook the lake).

Doing it yourself properly is a huge hassle and you could easily miss something.I've learned to use professionals and spend my time finding buyers/sellers/investors/properties.

Don't let the parent corp situation blow your mind, still go to the company in name if they are open, they will either direct you properly to the right department or simply take care of themselves.