Cash out refi only if the rental income significantly exceeds the monthly payment and you want liquidity to invest elsewhere.2.You can maybe do a HELOC if you want a smaller loan that doesn’t involve refinancing the entire house.3.

I also wouldn't touch hilltop with a 10' pole. struggled. old homes, over budget renovations, lots of issues. realtors push people here since it's the only place cheap houses close to downtown can be good but homes are 1900-1920.

You want to have your financial house in order so you know what you CAN afford and what you SHOULD spend.

If you're going to run a successful business renovating houses, ultimately you being proficient at/and or managing said proficiency in estimating will be a crucial part of your underwriting.Google "how to estimate house remodeling" your hard work will be rewarded.

For myself hands down the fastest way to get to Fi is via house hacking. 

Happy to discuss this further on what might make the most sense for your end goal.If you are renting right now and starting your path in real estate investing, as said above, I really do like the house hacking strategy for your situation.

The house has been on the market for 26 days when we made an offer. 

Appreciate any advice at all.Things to note: I have a well qualified plumber tenant for the bigger under house garage already.

Many successful investors started small, such as with house hacking or buying affordable properties to rent out.

I would keep rent a little below market, then split the monthly bill between the tenants on top of rent.Old houses in cold climates get expensive in the winter.