The power of leverage is one of the main benefits that distinguishes RE from other investment choices, and the refi is where real wealth is made.

(Maybe something bette rthan a gift card that i can steal...err...borrow?)

IMO killeen is a solid investment. just have to watch which areas you are getting into. there are some pretty rough areas near fort hood but killeen is great because it is close enough to austin and people commute from there to austin as well. with fort cavazos near by and the new samsung plant coming online in taylor, it is a solid choice with steady demand for MF.

Just a place for lenders to find borrowers and vs vrsa. 

Are you sure you can borrow the $500k of the $1M purchase since you won’t be the owner?

Most lenders are going to want to see a few big things from the ownership group. 1) The borrower will be the enitity (LLC, S-Corp, etc) and any owner with usually 20% or more of ownership in the entity will be expected to guaranty the loan, 2) We'll want to see some experience doing similar projects from at least one of the main owners, 3) We'll want to see bank statements showing liquidity enough to cover the intial cash injection (down payment), the closing cost, and some cash in reserve.

If the loan is not getting paid, you foreclose and sell the property to get your money back.The only other way you could get yourself in trouble is by giving the borrower cash before the work is done.  

Financing provided through this program is only available for properties located in Michigan or Florida.Available Product Type: SOFR 7/6 ARM, SOFR 10/6 ARMLoan Amount: $766,550 MaximumLTV: Purchase and No Cash Out Refinance - Maximum 99%Prepayment Penalty: NoneLoan Assumption: NoneEligible Properties: 1-unit dwellings, attached and detached condominiums, PUDsEscrow: An escrow account must be established for property taxes, and flood insurance, if requiredUnderwritingNo Private Mortgage InsuranceOccupancy – Primary residencesMinimum Credit Score - 700DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)Student Loans – If in deferment, no qualifying payment requiredDown payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift fundsAttached condominiums require a 10% down paymentEligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.Servicing: Retained

I have a choice to ask the seller to pay for my buyer agent's commission or not include it in the offer letter (pay by myself), so I wanted to know before I submit the offer. 

If you are borrowing for renovations, you will likely have a draw fee in the $100-300 range per draw.Selling costs: biggest one is commissions.