Here are some pros and cons of each approach to help you decide:Paying Cash for One Home and Refinancing LaterPros:No Mortgage Payments: You won't have monthly mortgage payments initially, which can reduce financial stress.Equity: You own the home outright, giving you full equity which can be used for refinancing.Lower Costs: No interest payments and possibly lower closing costs compared to having a mortgage.Better Negotiation Power: Cash buyers often have more negotiating power and can close deals faster.Cons:Opportunity Cost: Your cash is tied up in one property, potentially limiting your ability to invest in other opportunities.Refinancing Risks: Future interest rates may be higher, making refinancing more expensive.Market Fluctuations: Property values might decrease, affecting the amount you can refinance.Buying Four Homes with 20% Down on EachPros:Diversification: Owning multiple properties diversifies your investment, reducing risk.Rental Income: Potential rental income from multiple properties can generate cash flow.Appreciation: You benefit from the appreciation of multiple properties.Leverage: Using mortgages allows you to leverage your investments, potentially increasing your return on investment.Cons:Higher Debt: You'll have multiple mortgage payments, increasing your debt and financial obligations.Management: Managing multiple properties can be more complex and time-consuming.Market Risks: Market downturns can affect all properties, amplifying risks.Cash Flow: If rental income is not enough to cover mortgage payments, you could face cash flow issues.Considerations:Financial Stability: Assess your current financial stability and ability to handle mortgage payments and potential vacancies.Market Conditions: Consider current and projected real estate market conditions and interest rates.Investment Goals: Align your decision with your long-term investment goals and risk tolerance.Professional Advice: Consult with a financial advisor or real estate professional to get personalized advice based on your specific situation.If you prioritize lower risk and less debt, paying cash for one home might be the better option.

But for health and safety reasons . 

Side notes here to keep in mind, the market is crazy right now and lenders are prioritizing home purchases vs. refinancing due to limited labor availability.

Using an LLC can offer more legal and safety cover.

Definitions - Commercial Vehicle - NC DPS definition - Vehicles with a GVWR of 10,001 lbs. or more used as part of a business (including a non-profit organization) and crosses state lines, are considered commercial motor vehicles for purposes of most of the safety regulations.

If there were laws about Chrysanthemums, I'd follow those too...especially if they kept causing electrical issues (and therefor safety issues) in the house!  

You can hire a PM after you buy, prioritize thorough market research and number crunching to see if the investment works.

My minimum safety net would be 1 year of living expenses in cash in reserve . 

I’m concerned that it’s a fire or safety issue? 

The best thing you can do to protect yourself is to get a rock solid lease and good insurance and make sure you keep your property maintained and provide all the safety equipment required by law.I only own one property atm and I don't even own the house I live in so I don't think the risk is worth the cost but once I get a few more properties I will definately get an LLC for my properties.