I guess one option is for me to live in the last unit for 2 years to get the 250k tax-free bonus, and meanwhile use a equity line against the unit to continue investing.Andy

Not only are you dealing with normal rehab issues for a major project, but then you are also betting on the come.

On similar lines, to post in our dealmaking section, you also need a minimum number of posts.This ensures that our users are at least somewhat familiar with you, and it also ensures that you contribute to the community before making any "personal gains" from the site.I hope you can understand our policies (clearly stated in our forum rules) and ask that you abide by them in the future.Thank you.

Remember, each state establishes it's own reg and exemptions.In the end, I guesss your best bet would be to seek legal advise before pursuing PL for funding your deals.

However I bet money most of them are just looking for a cheap house and aren't investors.I dunno.

Is it possible to take a equity line of credit out and purchase a smaller house and rehab and flip with the equity money?

There are some other things, pvc drain pipe from kitchen is broken from the sink to the sewer line, replace the gas water heater with a electric, a couple broke windows, storm door.

Like all cash just said non competes dont do a whole lot in RE.I have a feeling what the dad is wanting is not a non compete for one deal, I bet he is wanting you to sign something so you don't compete at ALL in your area.

They check that value using recent sales to make sure that it is in line with what the market is doing.

Found a great article and had to share:

http://www.realestatejournal.com/buysell/markettrends/20070315-hagerty.html

Regards,

Scott Miller