So all in I am at $240,300 , hard money I am factoring in as 15% rate and since I’m borrowing 840k for let’s say 6 months , I’m factoring in hard money costs at 63k for 6 months So now all in I’m at $303,300 ARV should be at least $1.3 million (conservatively) I would cash out refi with a dscr loan and get back 975k , I would pay the $840k I owe to the hard money lenders , leaving me with 135k , and I would pay myself back with that money , and since I would have $303,300 invested , I would pay back 135k to myself leaving me with $168k invested in the house with a equity position of $325k , the actual house number are such after the cash out refinance: This house has 2 units and 3 accessory units Mortgage : $7100Heloc payment : $1300Total = $8400Live in 1st floor Rental income 2nd floor : $30003rd floor: $1500Accessory unit 1 :1200Accessory unit 2 $1200Income : $6900 Net : negative $1200I also already have a house that’s breaking even , but I’m living in one unit and if I move out that house would become positive $1500 which I can put toward the payment of one of the other houses .

And or never  borrow against them.. if your keeping it for life and never going to borrow against it thats another story.

The CO 1st position mortgage was fully paid off and in 11/2021 I opened a $200K HELOC, Borrow Terms are 5yr draw/15yr payoff at 3.99%.  

First, Andrew Holmes decided to remove me from the program because I followed my real estate lawyer's advice, and "disobeyed" Andrew's legal advice: I didn't file a foreclosure on my paying borrower.

A Home Equity Line of Credit (HELOC) allows you to borrow against your equity without having to sell it, which means reduced interest rates and property ownership.

Some lending programs are more or less (there are various programs) but in general 50% DTI is max.In order to ensure you accurately plan for your future mortgage its good to know up front how these situations would be affected and what borrowing power you will need when the come times to purchase this upcoming "condo."

I would lend on a property after the deed has been issued and the borrower has had a chance to walk the property and assess value and potential and I've had a chance to assess the deal.If you find a professional lender willing to do this, let me know. 

i just look for risk in posts - since I don't know the people in person i have to go by what they post, and so here i saw the same thing @Travis Timmons did - 'stacking' risk factors:-from California-probably chose Cleveland solely because of the price point and not because of any market knowledge-asked about borrowing 100% and asked about forming an LLC-did not indicate anything about strategyto be very clear - these are fine questions that OP is asking, and out of state investing is a fine strategy. 

And it's always the same deal - title, appraisal, and borrower docs.  

You could borrow a second against the $400k of equity in your property - and accept short term negative cash flow to earn a lot more on the great deal you don't want to pass up.