LTR refinancing options

[Lorilee Lucas]

Numbers below post.  I'm new to real estate investing and about to finish rehab on our first LTR.  I'd like to leverage the home value to pull out as much cash as possible to invest in other properties.  I'm looking for lenders to get quotes from as well as to hear from folks who have opinions about what type of loan to do.  My business partner and I are 50% shareholders and plan to acquire additional properties which we will divvy up when we dissolve the business in 5ish years.  We would refinance into a consolidated portfolio loan for each separate partner at that time as we change over the deeds.  In this scenario, would a 5 year ARM or Interest Only loan be a good idea to really leverage the home value to acquire properties quickly?  Thoughts, opinions, resource sharing...I'm open to anything


Purchase Price: 60K

Rehab/Materials amount: ~25K

Pay off amount : ~$101,500 (this would include rehab, material costs, carrying costs provided by one of the partners + 60K purchase price from PML)

Monthly rent amount: ~$1000 to $1200/mo

Annual insurance cost: $472

Annual property taxes: $248

Your estimated FICO: 750+