More importantly, get the high interest rate debt paid off first.

Originally posted by @Sidney Wilson:I understand that it is sometimes easier to have a broker do the work to find a lender, but the 1% + I always paid to brokers was a fairly significant cost.

As an investor, you'll need to wait until this period expires before your offer will be considered.Additionally, Freddie Mac may require proof of funds or a pre-approval letter with your offer, and they often prefer cash offers or conventional financing.

The mortgage company gets paid off first, then in a traditional sale, the rest minus agent fees and utilities and closing costs goes to the seller.

It was slow pre-election but now the bookings have poured in. 

In addition to the $106,000, we also paid ~$3500 in closing costs.

I would definitely get rid of it, but I don't think it's worth much more than what you paid based on your updates.

About 20% use DSCR (usually 20-25% down) and the rest are cash or hard money or something else.For $325k purchase:1) As a broker I would negotiate down as its been on the market a while and its especially now in holidays)2) I would also negotiate seller paid closing cost credits, most loans allow 3% which should cover most or all of that.3) Assuming you paid $325k but got closing costs covered I would anticipate a minimum of $32,500 down and maximum $65,000 down depending on lending product chosen.4) Remember you still must furnish and I use $20/ft as a safe estimate to fully outfit an STR property.Best of luck!

(Give that to sellers, they picket $100k after paying off the loan.) and then pay them 4.5% interest (what they could get from the bank.) now you’re talking $750/yr extra interest, and it’s being paid to family. 

The process is very involved as you'll have to navigate pre-construction activities that involve architectural plans and approval from the city and then the construction activities (Shovel to soil) take anywhere from 5-9 months depending on how much your building.