It has taken me 5 years to aquire tools, skills and money to pay for renovation.

Michael, Most note participation really only take place in larger balance loans.

I thought they were called that.Neighborhood is full of larger homes w/multiple bed/baths.

It'll also give you more buying power in going after larger apartment properties.

Just wanted to say a quick hello from the Denver area.I am a contractor doing home renovations, over the last couple of years I have helped an investor on a few of her flips, and now I'm looking to do my own.I've been doing a lot of reading here the last few days and there is a ton of information given by lots of great people.Look forward to hopefully making some contacts in the Denver area.Thanks.

This tenant/buyer is too much risk, we all go through hard times so unless this was all in the past during a troubled period in their lives and had a good history before and after or since have no bills and stable income it is too much risk.However to protect yourself you could always get a larger deposit to cover payments if they don't pay, make sure you check your local laws first.There are 25 million people in the United States who want to buy a home but don't qualify for financing so don't jump at the first opportunity unless it makes sense.

Would it make sense to stretch out the rehab timeline a bit rather than have the house sit empty, either in its unrenovated or renovated condition?

Of course, the larger you are, the better the solutions.Expect first year start up costs to run about $10,000.00 in Illinois to get all the licenses and satisfy all the requirements.

I'm referring to a property that doesn't require major renovations but you get for a great price.

I don't know how much it cost you for renovation, but most of these homes are pure cosmetic rehabs that I can get done for $10k to $15k easy, and that still puts me in the $49k bracket.