I'd be opening a business with moderate traffic and regular scheduled appointments (think barbershop, salon, etc)In my opinion the lender doesn't need to know about any future business plans or exactly what the renovation funds will be used for other than the fact that i will be renovating the property with that money and it is going to be my primary residence.

If you don't mind sharing I'd like to hear some of the steps and different routes you took on getting that first deal.  

I believe you need to put a large deposit on the house and then pay by the end of the day if it is a regular foreclosure auction on on the court house steps. 

Most of these things go the tax auction route unless someone engineers a better plan.

Is there another rout you would reccomend?

@William Collins If I do go the BRRRR route, I was thinking that I would not occupy the property, but I think you have some great points about the lower-risk entry point and experiential learning.

If you're looking for a hands-off stable property, be it slightly less profitable, I think it might be one possible route.

-Just Start: Start building my team, network, ask for advice from other investors, make offers and obtain property, self manage, (basically the school of hard knocks) If you have any other suggestions on a different route to take, I am eager to learn.

If they have some people they regularly work with and are trying to make something really work, have them check if they can do even less.As a general rule, you need to evaluate your own risk profile and how much you really want the property.

You will then need to apply regular tax to the $9,700 using the tax table to get $973 in tax. $5,220 + $973 is $6,193 in total tax.