Kevin - those are very different areas, but both draw investors based on their own merit.

Additionally, I'm reassured by those of you who suggest I can extract up to 80% equity as I'd read it was more likely to be 70%-75%, although that will likely differ based on property type.

Hey EveryoneLA Based Contractor and REI Investor (Buy and Hold).

The percentages are based on the number of financed properties: 2% of the aggregate UPB if the borrower has one to four financed properties, 4% of the aggregate UPB if the borrower has five to six financed properties, or 6% of the aggregate UPB if the borrower has seven to ten financed properties (DU only).

I would assume I would set up an LLC and we would determine ownership %s based on capital contributions or otherwise.

I think for our first purchase in Memphis, we would like to find a duplex so we can have a place to stay when we are in town and a base of operations. 

Work must be done with licensed contractors and completed within 180 days after closing.The loan is based on purchase price plus rehab funds, which are drawn down as work progresses.They also include a reserve 10% minimum for potential budget overruns.3.5% down is based on the total amount borrowed.You also have to pay closing costs, which are substantially higher than a traditional FHA loan.

makes it illegal for an owner to reject a prospective tenant application based on a criminal record!

I found Groundfloor financial after calling around and they seemed to be much more "asset based" than lending home.

You also have Randolf and Fort Sam Houston in that area so you have a very strong rental base.