What if the existing tenant needs an other semester or who likes living there? 

That doesn't stop them from existing.

Hello, my wife is an optometrist and we are looking to use a physician loan to purchase our primary residence.We have some debt that we would like to payoff through a DSCR cashout refinance in am existing investment property I currently own and from there we hope to be in a good place for the doc loan.Our challenge is finding a lender that can handle both the DSCR cashout refi and the doc loan, since coordinating two separate contacts seems to add extra challenges.If you or someone you know can do physician loans (for optometrists) and also DSCRs I would appreciate being in touch.

The possibility exists (only hindsight will let us know for sure) that now is NOT the opportune time to purchase SFR as investment property, UNLESS the plan is to hold FOREVER, or at least 10+ years.

Hey Meghan, Someone like you in your position might find success in buying an existing property management company rather then starting one fresh.

Does not mean they do not exist but it feels a bit like looking for unicorns.The more likely scenario is finding a 3/2 for $2,500 a month that bring in $5,000 a month in revenue. 

You could always offer a shorter lease that ends in May/June to give yourself an opportunity to find new tenants or raise the rent to market at that time.I hope this helps and if you ever need any guidance or want to chat about the process of assuming an existing loan, I would love to connect! 

The cash you get coming out isn't income, it's a loan, so you have very favorable (non-existent) tax issues. 

The new bathroom will be constructed within the existing structure, and while electrical wiring might be needed, plumbing installation is definite.

Doubtful that, unless you have existing connections or are part of the Hotel Association of New York City (or what is the funded organization in your area), you would be able to cash in on that.I don't do business in New York or CT, and am open to being corrected by someone local.