Get a list of qualified contractors/subs you want to work with.  

Assuming it needs work and wouldn't qualify for conventional financing a hard money lender is probably your best option then refinance once you pass the seasoning period.

I'm a physical therapist in my day job. 

I know it is a small group of people that qualify for these loans and am just crossing my fingers that someone knows about the new build side of this product.

@Sean KelleyFannie Mae allows up to 10 properties per individual, so by keeping everything separate, you can have 10 and your wife can have 10 as long as you each qualify separately.Hope that answers your questionStephanie

There are FHA loans that allow you to put down as little as 3.5% and use a portion of the projected rental income towards your income so you may be able to qualify for more than you think.Connect with a lender and agent local to your area to get started.

Will you be able to qualify for a refinance to get out from under the hard money?

@Geoffrey BissenTalk to a few qualified professionals...It’s up to you how you want to proceed.

Hi Bryson, The VA loan gives service members get sort of a leg up from those that don’t qualify for it because the VA loan provides so many benefits.

It works for me because I have a very busy job and I live in a very expensive market so doing something locally doesn’t work for me right now.I qualified for 20% down but put down a little less than 30% down - my loan to value is 71% so when I want to buy another property I will refinance & pull out that equity for the next property.As others mentioned there are pros and cons - turnkey only works for long term buy & hold because you’re purchasing at market value.