Just trying to think of a creative way to buy it so my mom and brother don't  have to move out.

So if a note investor bought this for $40k, spent $10k to foreclose and be in it for $50k and end up with a $25k property - they will not be in business long. 

@Michael FradettePrivate or hard money 2nd position loan.Also realize most lenders will not go above 75% cltv so you will need to have a significant amount of equity That is if you can even find a lender to do a 2nd

Hey @Adrian Roytberg, this is always a tough question.It seems that you have zero experience in running/managing a STR so basically you want to learn on the job.

(Also, the developer is reasonably experienced + wealthy and has personally guaranteed some of the existing development projects - but wants to move away from that)I'm also planning to get some equity in the JV / the broader development company (much less equity than if I were to be a pure equity investor of course). because I do think this could scale to 300-400 homes / yearOf note: These homes are modular in nature - so are faster to build and margins are projected to be attractive.My questions for you all is:Have any of you lent to development assets with cross-collateral from cashflowing properties like this?

So you can fix the light switch or fixture; you can't remodel the kitchen.

Thanks Ned these are some great pointsEssentially by creating “terms”, you e can try to manipulate the payments so that they cover the expenses 

So that is either a duplex, triplex, or quadplex.  

Just filed so that our team can be fully up and running in the greater Tampa Bay area.

I was interested in commercial and investment property, so joined a mid size commercial brokerage as a broker - associate.Most brokers/agents at that time, even more so than today, did not “specialize’, at least with very specific parameters.