A quick check for your max loan payment a lender will allow is to divide your rent/1.1 that number is around what the max loan payment will be by the lender.All very good points,Yes was just using 15 year as an example but yes we will definitely be doing the 30 year to make the monthly payments smaller.We understand that from being homeowners.With the seasoning period that is a very good thing to keep in mind.It proves a point that buying a property in all cash might be more safe and beneficial for us then using a hard money loan as during that waiting period it would nice to not be charged fees and interest on a hard money loan.Correct we plan to rehab.Now do some investors buy the house in cash and then use a hard money loan for the rehab portion? 

Plan is to purchase a couple homes over the next year.

We had a plan to build a large real estate portfolio and then sell it in five years and divide the money.

Courtesy of the video, criteria to consider include Deal Type, Management Plan, Business Plan, Financing, Asset Class, Ownership Structure, Property Class, Location, Purchase Price, Rehab Costs, Risk Target, and ROE Targets.

Refinancing isn’t an option yet because of the way we purchased it (unless someone has a bank that will look at the deal differently) our original plan was to pay off our balloon in early 2027 when it is due which the bank will treat as a purchase and then we would wait until we are able to refinance so probably 2028 and then we could pull out a good chunk of equity at that time.

The tenant fails to pay their last month's rent and leaves the place needing new flooring and paint.

What type of property do you plan to purchase(Single, multi, commercial, etc) and where do you plan to buy it?

also if you plan on purchasing these mobile homes to place on the lots.

Time for plan B

Regarding BRRRing OOS - it can be very dangerous:(Too many newbies take contractors and agents at their word, when "trust, but verify" is extremely important.Given you're in Chicago, would recommend you plan 2 trips for a BRRRR:1) Initial walk-thru with contractor(s), which you should video for documentation & accountability.2) Final walk-thru BEFORE paying out final amounts to contractor(s).