2nd home mortgage at 8.625%, will be refinancing end of this year or early next year.

Currently, the rental income would not cover the mortgage payments, but I'm considering refinancing if interest rates decrease (possibly conventional to free up VA entitlement) as well as adding a fifth bedroom to increase rental income.My Plans: I intend to retain the NC property due to a stable tenant with a recently renewed year-long lease.

The acquisition strategy involves buying, renovating, renting, and refinancing the property.

@Shonari WynterFor refinancing, you should be fine with the contractor's receipts.

Consider factors like neighborhood, school districts, and proximity to amenities.Financing and Mortgage Considerations:Investment Property Mortgage: Understand that an investment property mortgage may have higher interest rates and require a larger down payment compared to a primary residence mortgage.Future Refinance: Consider the possibility of refinancing the property when you decide to move in, potentially lowering your interest rate and monthly payments.Loan Types: Look into loan types that might offer favorable terms for investment properties, such as conventional loans or FHA loans if the property meets the criteria.Rental Management:Long-Term vs.

You can get creative with recasting mortgages, refinancing, etc. but at the end of the day these things cost you money. 

**Flexibility for Refinancing and Selling**: Blanket mortgages can offer flexibility in refinancing or selling properties within the portfolio without affecting the entire loan.Cons of Blanket Mortgages:1.

I am currently having issues with the bank not allowing me to transfer it in to the nameof the LLC without refinancing.

Alternatively, look into renovation-specific loans like the Fannie Mae HomeStyle Renovation or FHA 203K loans as standalone products for rehab costs.FHA 203K LoanPros:Low Down Payment & Bundled Costs: This loan simplifies the process by combining the purchase and rehab costs into one mortgage.Cons:Interest Rate & Refinance Requirement: Higher interest rates and the need for refinancing could reduce your overall return on investment.Fannie Mae HomeStyle Renovation LoanPros:Bundled Costs: Like the FHA 203K, this loan combines purchase and renovation costs, simplifying the process.Cons:Interest Rate & Refinance Requirement: Similar to the FHA 203K loan, the need for refinancing to extract equity and convert to an investment property might add to your costs.I am a loan officer so I have some expertise in this area.

I personal would only explore re-financing with other lenders (having conversations- getting to know what they offer).