We sold them both, seller financed, in the 1995-2000 time frame for $77,000 and $83,000. 

this is a newbie question but here is my background...I have been a silent partner in flips for the last year on two properties which will be getting the principal and profit back soon as they are under contract or have sold already.   

@Elliott HuffardThe line of credit would only be for a maximum of 12 months and then yes, the loan would need to be refinanced or the house flipped and sold. 

Sold two, kept 2 as rentals. 

You’d probably have to do a cash out refinance, or you could use hard/private money.

Out parcels would have sold if at street level.

They emptied the houses, then either sold locally or via Internet.

That being said, as long as you live in the property for 1 year(Normally the lender will have you sign the Letter of Intention) you should be able to do whatever you want with the property after that...like renting it out or selling etc..You can also buy another FHA mortgaged property as long as you sold the previous FHA property or refinanced into a conventional loan.

Your Private/Hard Money Lenders will appreciate knowing you have the means to payoff their loan in place.3.  

This is being sold by an investor friend of mine.