Any advice on the matter is greatly appreciated.Don't use poison, keep to the rat traps.

Keep in mind, you should have already had a conversation with the hard money Lender to know their terms and process, and be ready to perform. 

That's awesome, keep it going bro.  

Yea they would keep that in place and you'd get a second position mortgage for the rest at, well, higher than todays rates.

And keep making them 1% better than the one before.

Can keep track of different tenants.

@Chris Hains  all in price , vs what you are expecting to sell it for , KEEP IT SIMPLE.

On top of that, many policies have become more strict (especially in the last few years) with replacement cost language because replacement cost estimates did not keep up with inflation for a period of time AND/OR replacement costs on many older properties had skyrocketed so it made more sense to calculate replacement values with functionally equivalent rather than exact materials.

It's tempting early on to leverage as much as you can so you can do more deals and keep liquidity, but increased cashflow especially with PMI will make you sleep a lot better at night.

Keep detailed records of income, expenses, and improvements, and choose the right filing approach based on your comfort level with these rules.This post does not create a CPA-Client relationship.