Does this work only if the seller owns the property free and clear, or can it get messy if the seller tries to do this with an existing mortgage/lender already on the property?

Welcome Tracy,That sounds like a very rewarding job/career that you've started.

More risk but possibly more reward.

Fun money to reward yourself (5%)This book preaches leveraging other peoples money to finance your flips so investing all the profits into your next deal is not in line with his strategy, although I'm sure this is an option as well.

It is probably not as easy as you imagine, and the risk vs reward (ie: greater equity) may not as favorable as you'd like.

I have been staring at Zillow all day looking for something that doesn't seem to exist as far as a moderately priced multi/single starter property in good shape(heh), have spoken with a couple lenders for pre-approval and had agents circling my house waiting for me to come outside.....hehe.I decided to take a look at a property tomorrow(single family) but nothing serious yet being as I am very new to this.

I am going to purchase for $180k and do a wrap with the existing seller and his HML, construction bid is just over $150k and I have private money for this.

NYC (Manhattan + boroughs) really is its own beast where the competition is MUCH higher, but so are the rewards 😄.

Invest in things like Lending Club and Prosper to earn interest on my existing savings?

I would like to split the lot, sell of some acreage, and keep the (remaining) lot with the existing home.