Property DetailsPurchase Price & Financing: $500,000 owner carry, 10-year term, 5% interest rate, balloon payment at the end.Zoning: Multi-family, mixed-use, RV parks.Current Condition:3 single-family homes (2 with tenants paying $600/month each, 1 with a squatter).7 manufactured homes (all condemned or in severe disrepair).3 cottages (in poor condition).Monthly Expenses:Mortgage: ~$3,000/month.Sewer: $1,300/month ($100 flat rate per connection, 13 connections).Taxes & Insurance: ~$700/month.Total: ~$5,000/month in carrying costs until properties are fixed and generating income.Proposed PlanMy strategy is to renovate and reposition the property over the next 2 years to maximize cash flow.

DSCR loans are exactly the loan in this category.

Obviously this means you're doing work in review + your slow response could mean qualified applicants slip through the cracks, but on the flip side this also allows you to know exactly who YOU will be managing for the lease term.

Financing under 4 units is similar to SFH, though you’ll want to factor in age, condition, and insurance costs.Both can be part of a solid strategy—the bigger question is whether you want to buy all-cash with $125K or use leverage.

If there aren’t other fourplexes nearby, they’ll typically pull duplexes, triplexes, or even larger single-family homes within a reasonable radius and then adjust for size, unit mix, and condition.

YES, it's not uncommon in some areas of the country with certain regional hard money lenders offering it with various conditions (I am part of one).

In North Carolina it works a little differently than in other states Instead of buying tax lien certificates counties move unpaid taxes into foreclosure and then auction the property at a sheriff’s sale Since you’re in Raleigh the best place to start is the Wake County Tax Office and Sheriff’s Office websites where you can see upcoming auctions Before you bid make sure you do your homework on the property title any liens and overall condition It might help to just attend a couple of auctions first to get a feel for the process then start small when you’re ready

Trying to figure out the exact moment of possession.

You don't want to use someone else's Operating Agreement unless you are exactly them.

. - Cap-Ex is where you could definitely take over and save yourself some coin.Good luck:) @Drew Sygit - this is exactly the kind of practical perspective I was hoping to hear.