Buying rental from cash out refi

[Connor Graham]

I could really use some guidance right now I listen to all the pod casts and still need help! Here's my current situation-

I have a full time job (30k income)that I am ready to go part time, I also own a part time cleaning business that I want to make full time (first year in business, so no tax returns yet) (brought in 30k last year but didn't show much profit). I own a home with my brother and I am buying him out. I will have to pay him roughly 30k. Should I add this full amount to my loan, take the most out on my house which would be around $45k or what?

I have right around 40k of liquid assets, and another 10k in stocks, I could access if needed. I have this put aside for my real estate ventures. 

Question 1: see above

Question 2: Refi with a 30y loan and pay 200 extra towards principle (17 year loan at that point), or a 20year loan, no extra. Reason for 30y would be so that my debit to income ratio would be lower if I was applying for a 2nd loan.

Main thing is I won't be able to qualify for a loan without my full time income, however, I really need to go part time asap as the busy season for my biz is coming up. I just don't know what to do!

[Charles Morgan]

Without a few more details (total loan amount, home value, etc.), I have always taken 30 year loans for the flexibility, such as having a better DTI for second loan, and being able to make a smaller payment during a cash crisis. You do usually pay a higher interest rate but unless the difference in payment is minimal it gives you more flexibility.