Not a lot of product in immediate area.purchase price $820,000renovation costs post purchase: around 350kTotal Monthly Rent: $7,000 (after renovation/ pro forma)Annual Rent: 84,000Vacancy: 5%Total annual Expenses: 25,000Annual Debt service: around 50kcash down: 500kall in costs: 1.2mANALYSIS:My analysis is that I spend money and my time to achieve a 5 cap.

So do I take that out of the total price as an amount already paid or do I give it back to them to put toward the down when it comes time to purchase?

She is working, I am currently not, but our total household income is 150 % of median in our area, 50 % of which (as of a month from now), will be disposable.We both love our careers: me an international lawyer, she a nurse...

I am waiting on the six months because I am sure they will appraise well enough to get my total investment back in the bank after the loan closes.

@Henri MeliThank you for your response; it seems the variable rate is quite common@Temitope AdebayoSo are you saying I'm not charged with paying off the HELOC, but only the interest that's associated with the total amount?

Some people in your position would never work with a wholesaler, while others I know rely on them (because they are good of course).

I really am a total newbie and don't even know which direction I want to go in.

I have a total of 10 people living in the place, whereas the leases show five. 

Figured it'll run me $6,000 in total. 

. $2,500,000 on the first mortgage and $500,000 on the second mortgage for a total of $3 million in financing.