If the other two parties want to flip a house maybe they can do just that as partners and then sell you the house which you can buy with a primary home loan with low down payment.

Then you own the LLC and can transfer the property into it.If you transfer the property into that LLC the way it is then technically you just gave your friend ownership of the house proportional to his ownership of the LLC.I'm not an attorney, so take that with a grain of salt.

Or only buy something for $350K and pay tax ont he $100K difference.

Quote from @Sofia De Santos Tavarez: Hello, my husband and I are looking to do our first rehab in a different city than where we live (we live in Austin and looking to buy in El Paso), and are wondering how one determines and writes a scope of work and determine what material to buy for what.

Regardless of socio-economic status, a significant proportion of wealth is concentrated in prime real estate, especially in these areas.

Then, you'll be in the same boat, but the lender might not be as cooperative.A better plan would be something that buys you 5-10 years. 

I hired my own expert and discovered these issues did not exist but that the expert the 3 buyers had brought in wanted to be hired to do the work so they blew them out of proportion.

But then we have to get into talking about the passive loss rules, which may prevent you from actually being able to claim a tax loss if the deduction is more than your rental or other passive income.Or you can claim the actual expenses (gas, insurance, etc) for the vehicle and regular depreciation, proportioned by the percent of business use of the vehicle.  

It's highly unlikely to go that low again in your lifetime. would take another black swan event of monumental proportions.. 

What ever you're doing to find/buy/create deals is working.