Did you take professional photos and what do you have the amount for rent?

I know not typical on here to have such a little amount in loans but we enjoy great cash flow that we live on, have lots of flexibility in what we can do and have no concern about making payments if the economy were to take a dump.

Keep in mind refinancing costs typically range from 2%-5% of the loan amount, so weigh the upfront costs against the long-term savings to see what works best for your goals.Good luck!

Then a bank will lend on the two as if they were one and that will result in a higher lending amount.

In calculating the actual construction loan amount will it be the 50k+construction costs?

I forget exactly the amount of time because it was so long ago.

How would the bank even know the gross pay amount?

The amount you'll save off of the purchase price will be significantly more than what the vacancy will cost.

Whether or not you get the high end of that dollar amount, is based on the quality of what you are renting. 

You are right about the risk that comes with the holding period but in my opinion sometimes you have to take the risk and make sure the profit that you generate is higher than the costs that you paid by holding the deal for a specific amount of time.