They have to keep nose clean, there now in the system, tax's and all regular everything.

@Holly Thorsen see above for potential challenges tapping your equity in the rental.You only need 5% down for a regular mortgage, 3% down for an FHA mortgage - so why don't you have the funds?

I regularly get sent underwriting on value adds in excess of 20%.I do not do work intensive value adds to flip so my acquisitions have slowed significantlygood luck

@Nick Rivers If you've already taken courses and webinars, then the only thing that will help you become more proficient is by actually underwriting deals on a regular basis. 

I make my regular interest-only payments for the first 7 or 8 months, and my interest-only period lasts 5 years.

Have you sent your material list to a supply house to be quoted, have you arrived at a quote with your subs?

Do you have a 501c3 that you operate under (and rent the house from yourself), or do you purchase homes with an LLC or personal name, and run as a regular business? 

- If the Association Fees are regularly increasing or the Association is poorly funded - SELL.3) How much of your TIME do you want to invest in all this?

It's easier for an investor to stay committed to the plan and avoid change orders than it is a regular homeowner.

Then you'll have to supply a lot of expensive wood for that fireplace and the outside fire pit.