The one issue I think I’ll have on my hands is I prefer to house hack again in the same town (appreciation seems to be great along with rental amounts) but I’ll need to refinance my current house hack into a conventional which I doubt is at 20% equity yet since I don’t think I’ll have a valid excuse to have two owner occupied loans in the same town.

However, if have several rentals and need to deposit checks, or use a debit card to pay utilities and other bills, etc. conventional business bank account would be the best choice. 

We’ve secured pre-approval from Chase for a $200k conventional loan at 8% interest with a $40k down payment for our first rental property.

Given this new information, I'm considering whether it might make more sense to opt for a conventional loan instead of a hard money loan, due to the lower interest rates associated with conventional loans.

Our current mortgage is a 30 year conventional locked in at 2.75% and the monthly payment is roughly $2000 ($1000/person).

My journey has been anything but conventional, and I’ve built a career that merges my entrepreneurial spirit with a strong work ethic. 

Due to the closing deadline/home condition, I am looking to use a private lender for the purchase instead of conventional from the start.

Happy to help you set a plan, but everyone else is right that $600k is out of your budget currently.Whatever you end up doing, I would recommend looking into conventional financing though.

Plan to eventually cash out refinance with conventional loan in 12 months, but looking to get out of my hard money situation to save on holding costs.

I would prefer not to open a conventional bank account if I can keep things simple.