Yup, and most 203ks are actually refinances.

Thanks for the thaughts, but actually It wasnt a low ball offer.  

Its customary for the bbb to evaluate their collateral in a HELOC application without an actual inspection or appraisal .

Hi Billy,Sounds like an ok deal to get your feet wet.As you listed out there are pros and cons to the nicer areas vs lower cost areas to invest...the biggest challenge others face in your shoes is actually pulling the trigger and getting the first deal on the books.

Naturally I had to do a double-take to make sure I heard correctly, as you never think something like this would actually happen to you. 

@Curtis Bellenot I actually just moved from Savannah but we are trying our hardest to move back once I get done with recruiting.

Great question and I wish I knew the actual answer.

One of the members of the partnership DOES have a broker's license--would it be legal for us to officially call him the property manager, and I would work under him as an "employee", but I'm really the one doing all of the actual work involved?

Did the structure they helped set up hold up and protect you in an actual legal situation?

I've been studying up on REI for about a year now and this month I finally decided to actually start getting my feet wet.