Additionally, the amount you put down may or may not require an escrow account.

However, I am looking to get my feet wet in real estate as an additional source of income.I'd like to connect with local investors, contractors, and real estate professionals to serve as potential partners.

I would guess it would be safe to budget an additional 1000 per person.   

In addition, most of that housing stock has been build as affordable housing in mostly 2 and 1 bedroom configurations.

Depending on market you can refi up to 80% after 2 years of additional seasoning.  

@Slocomb Reed @Jake Walroth In response to your all’s ideas to BRRR it, and in addition to Sean’s suggestion of going below market value, after the insane amount of holding costs I’ve had to carry, it really wouldn’t put back much money in my pocket...long story short, it was a bit of a mess of rehab.  

In addition I self manage two rental properties of my own.

Your attorney can advise you about naming the new owner as an additional defendant, among other things.I assume if you finished the foreclosure, and you got title at the auction, the title would be your name, not the borrower’s name.Are you sure the 1st mtg didn’t foreclose?

It was my estimate, but we’ve done quite a few flips and renovations on our own, so we are pretty accurate and of course accounted for additional budget for those mishaps hiding behind the walls.

@Tito Burgos in addition to private lending you can also invest as an equity partner in syndications.