Pre-construction homes, which could build $50-60K in equity within a year or two.I can afford a 20% down payment, but I’m torn between focusing on equity (pre-con) or cash flow (resale).

I don't think anything is 100% sure, and all the documents all the syndicators have you sign will melt your face off.

I used all the rent and any extra money towards paying them down.

PMI/mortgage insurance is also applicable if you are putting less than 20% down.4) Estimate your upfront rehab budget if the property needs updating 

I would drop that down to $10k/mo. $40k a year for not doing much is a great investment on $40k unless you are putting in a ton of work into the property.Who operates the property?

@Stefano Vrolijk it all depends on your credit history, whether you have an SSN/ ITIN and how much you can put down.

Generally, I want them to text me so I have that evidence but I don't want to get into a heated back and forth via text, that could be taken out of context and used against me. hahaKeep us posted but my guess is that this dies down.

You could also use a Fannie May Home style renovation loan which a conventional loan and require 5% down vs.

I am just trying to wrap my head around at what purchase price does this property cash flow. 

I wanted to invest where I wanted to live and I am also from Elgin so am constantly headed further nw.