The challenge lies in managing renovations and the surprise costs that can come with them over time.New construction, on the other hand, tends to be simpler with less immediate maintenance and potentially better loan rates, but you may have to accept a slightly lower cash flow due to higher purchase prices.In the Atlanta area, there are several hotspots for new builds with great long-term investment potential, as well as older homes you will need to pinpoint which type to best advise here.Hope that helps streamline your decision-making!

Even at 75k you may find yourself spending less over the long term than by getting a loan. 

You would be paying back the loan via renting and refinancing or selling the property and paying the money back .

The other owners would sell you their shares for the value you agree on, and the loan funding (your new debt) would be their proceeds.

Do I need an attorney to help structure the loan and details?

Because the homes were inherited and possibly has zero loans on them.

The bank wants to know how you will pay back  your loan.  

Would I be better suited trying to find a Fix N Flip, pay cash using my equity, do the work myself and then put it back up on the market or would I be better off purchasing an STR with 20% down and leveraging a loan to get some cash flow coming in then maybe pursue a Fix n Flip using the remaining equity and let the STR repay the HELOC until I sell the flip?

Purchase price: $740,000Using investor contributions and a non-qm loan, we’ve purchased a lake front home on Lake Norman, NC.

I’m interested in talking to someone who has done owner builder loans for a rental or even a single family home for themselves.