@Brett Coultas if you're a newbie, you want to be careful of an "investor friendly" agent selling you something they truly don't understand:(95+% of agents only know how to handle owner-occupied transactions - you can verify this by asking them calculate ROI for you or Cash-On-Cash!

You can do this as a rate and term refinance with no cash out, or a cash out refinance. 

I ran some of your numbers, assumed rent of $1,290/unit and that you pay cash for the rehab costs.

Make sure to analyze cash flow, including conservative estimates for vacancy and maintenance.Indianapolis Market: Indy has solid multifamily options in neighborhoods like Irvington, Fountain Square, and near downtown.

Purchase price: $136,000 Cash invested: $90,000 Sale price: $260,000 full renovation from studs What made you interested in investing in this type of deal?

Those that own it can be harder to sell as the cash flow from the business will cover the debt service for the business, but not for the real estate.Example: I had a very high-end assisted living facility on the market. 

Starting with a turnkey cash flow rental is what I recommend for newbies!

Stay disciplined, focus on cash flow, and you could achieve financial freedom in 5-7 years.Good luck!

Purchase price: $560,000 Cash invested: $60,000 I thank the dog next door for leading to this purchase.

@Shayan SameerThe non-paying tenant could impact your short-term cash flow, so consider the potential costs and timeline of eviction in your state.