another issue it is about 18 months wait to get a Cabin started due to high demand for builder.  

If it was your own money I think you have to wait 12 months to refi.Run your numbers and make sure you will CF with a renter first.

What you want to ask is what is a good ROI or better yet, your Cash on Cash Return.I know someone who has $3000 per month cash flow.

Purchase price: $15,000 Cash invested: $25,000 Sub to deal - paid the seller and wholesaler $15,000 + $7500 closing costs to assume $84,000 mortgage with a monthly PITI of $575.

Have enough that after you buy the property you still have 6 months of expenses in reserves that you can use for daily living.

Before jumping into the condo, I’d take a closer look at whether the $300/month cash flow is worth it compared to other options, like a small multi-family property or a property in a higher-yield market.

EBR housing allows around $1,300/month for 3 bedrooms.

there just aren’t many sold properties in the neighborhood in the last 3 months and even out to 6 months is limited.

Too bad you can't buy something owner-occupied, put 5% down with the best interest rate, live in it for 12 months (and fix it up), rent it out and repeat the cycle.Here's some other info you might find useful:----------------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

@Jose Martinez if $8500 per month was your cash flow number and you have reached it then it is time to start paying down the debt.