Have you father gift you all or a portion of that money or have him fund a deal that you do.

We are looking for a fixer 1500-200 sq ft (Ill be doing a large portion of the rehab myself excluding electric/plumbing) that we could turn into 2 separate units by adding a second small kitchen and potentially extra bathroom, and renting out the second unit, along with converting a detached garage into a vacation rental we would self manage, while staying in the first unit for the first year to fit the FHA loan.My questions are for the lawyers and contractors in the area:1.

@Effram BarrettDepending on how long you've been with your employer portion of your 401k balance that employer contributed may be vested, this amount you should be able to rollover. 

Just the general portion of the exam.

2) Can the seller carry a portion?

2) Has anyone ever had insurance cover part of this (because a portion of the damage from the water leaking in the basement was within the walls?

Dues need to be reasonable for current owners and resale - budget needs to work and the overall care of facility is vital.

We currently have investments in Lakewood and was thinking about those areas because Lakewood taxes eats up a good portion of your income  

I live there in a beautiful habitable portion, English basement, which is new.

If you did delayed financing, you would be able to use a portion of the purchase price plus the rehab costs if they are on the original HUD.