Help with choosing financing options.

[Igor Messano]

I am in the process on purchasing my first investment property. For starters this will be a purchase from a family member so I can get as creative as I want with the purchasing and financing and they would be game.

I am assuming 10% vacancy, 3% maintenance, and included Tax and Insurance for a newly renovated property completely renovated property. Purchase price = 60,000.

Would you rather have a 10 year 2.75% that cash flows $107. 

Or would you have a 30 year 4.50% that cash flows $322.