The problems are “deep” problems in crawl space, in the rooms it looks rent ready- that is how I and the realtor felt when we walked in: Clean carpet, rooms, kitchen, bedrooms, functional AC, and other appliances included in the purchase.

I figured this would be the place to ask a question about finding the best strategy for our next deal which would be deal #2! For the first deal we had 20% to put down and did a conventional 15yr second home mortgage ...

In my small unimaginintive  mind, I can only see 70-80k loans to make cash flows.

Hey @Marcus if you don't mind sharing, I'd like to get more info on targeting pre-foreclosures.

I am also unsure of a search function, I could have swore there used to be a forum search bar?

So in my mind, just paying extra principal beats using the LOC since I will save $4k by not using it ($10k in LOC interest minus the $6k difference in mortgage interest saved). 

@Dee Jay Understandable but keep in mind IL has some budgetary issues that they need to solve, take a look at city-data.com some cities are bigger than you think. 

I've viewed quite a few homes and, barring some distressed properties that are too big a project for me, only one has really piqued my interest and seems to have some decent numbers to back it up.Still, small price to pay in my mind for getting to live here.

Doctor and novice real estate investor looking to meet like-minded people for group buy & flips to raise capital for personal buy & holds.

c) the seller asked them to do it on the cheap and it will still function and not leak but isn't the best way to have installed it.