Investment property won’t pass inspection

[Julie Goodwin]

My dad is selling my parents house, which would be a good investment property to rehab. He just wants the cash and to be done with it. We want to buy it and do a live in flip, but it won’t pass inspection. Could we do a 203 loan, construction loan? How long would a private lender or hard money lender give us before they’d want a return? We’d like to live there a few years and take our time. Best options??? It would appraise somewhere around 190k and he will let it go for 150k. He owns 50k. He just wants the 100k and be done with it.

[Jay Hinrichs]

HML wont lend to an owner occ.. or owner user.

whats the dad going to do with the money?  if just sit in the bank or invest.

have him carry a note pay him interest and then cash him out when you refi.