Then, I am using Rent Property Calculator and mortgage payment to estimate if the property can yield a positive cash flow.

I have about 150k equity in my home and have $215k balance on my mortgage.

They do share their secrets in how you can buy RE using credit lines to pay down your mortgage off in 7 to 10 years.

So just curious if my number formula is correct $15k down plus $15k Reno = $30k rental income/year  $14500 vacancy rate 2% operating expensive 35% ( to cover condo fees maintenance insurance ect) $5500 a year mortgage so roughly a 12.25% cash on cash return ? 

Quote from @Ariel Rivas: I don't know your market specifically, but it's typically cheaper to purchase those items at Home Depot or Lowe's.

As for the future of 2nd mortgages, it's tough to say for certain.

We chose these properties for cash flow opportunity and because they work nicely for house hacking because the unit you are occupying is a percentage of a smaller mortgage payment.  

Quote from @Chris Seveney: Quote from @Luis Pereiro: Hello BPI'm looking to connect with investors interested in purchasing a mortgage note (performing).

I'm underwater with my mortgages and credit cards and bills.

Heard of a few folks that "make their mortgage for the year" by renting out their downtown condos on Air bnb.