We are the new landlords so not sure what excpectatioms the previous one set.how do you say this nicely?

Not only your risk is minor with wholesaling, but you 'll also benefit in the process from the following:1) Acquire essential skills of sourcing off-market deals and negotiating with sellers2) Get access to nice chunks of cash through your assignment fees3) Have an opportunity to tap in to any market throughout the US4) Build a network cash buyers and other industry professionalsAnd perhaps more.

As others have noted, you first need to back out the land from the $300k based on a fair market value allocation of the lump sum purchase price (some methods include using a tax bill for the land / building ratio - there are others).

The HELOC is an ok took for you to use as your own personal construction loan, other than that it doesn't have a ton of value as a down payment method.  

Oh nice.

@Parris Taylor Nice summary. 

Hi Kameron, nice to meet you! 

Hey @Stasiu Geleszinski, nice seeing another operator here in Cincinnati who's taking on projects like the one you described.I’ve been running our property management company, True Home Ohio Property Management, for about 10 years now.

Asking lenders/investors: what’s your go-to method for checking payment history and verifying collections data before a purchase?

As far as I can tell, they are more focused on the updated method of enforcement for the LTR market.