Well, the absolute first thing you should do is fix your credit! You can save hundreds of thousands of dollars on interest rates by doing so.
I love your idea. You can make a lot of money, but be patient and get your credit fixed first. Read through our site, send your disputes and validation letters out and make whatever deals with creditors you have to for the accounts that won't come off your credit report.
Make sure you have good credit, then talk with a trustworthy, honest mortgage broker and have him find you the best rates.
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