What and how to move forward

[Matt Moore]

I posted a few weeks ago about attempting to acquire a property from my mother in which she wants nothing to do with by the end of the year which is located in a different state and is a condo in an HOA. It's a 2 bed 2.5 bath in St Peters MO and I'm waiting on a response if it's allowed to be rented besides just a long term rental and they said they need to contact a specialist for an answer. Also at the same time I'm in a program with a local bank to get 5k for a down payment on a property as I want to purchase a small multi family to live in and I have an additional 5 to 10k to put down. I'll need financing to update the property out of state at the same time. How should I attack this? Ideas or advice? I'd prefer to rent it and not sell

[Aaron Zimmerman]

For the HOA, you'll need to do some due diligence.

Look at meeting minutes, financials, and tax returns to verify that the HOA is well managed and has adequate reserves. You can also look through the by laws to see what's noted about renting out the unit. Obviously, you'll need to be allowed to do this for the HOA.

On the financing side, you'll want to reach out to as many lenders as possible to see what type of loan you can get. Otherwise, you could look to do a seller finance note.