Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.

The mortgage payment is $1,000 on each house, so you earn $500 per house or $2,000 monthly.

Second pro is that you get to lower your living expenses or live "rent free" by having your tenants pay for your mortgage payment.

MattIRA sells and owner finances the property for 200k and gets 30k down payment.

Together, we have over $200K (mostly in stock market investments), and our parents may help with the down payment.

I even bought 3 properties in one day using the HELOC to fund the down payment on each of those purchases. 

After 6 months of non-payment, we were able to perform an eviction for this tenant.

There is 3-5% down payment options you can use.

But as far monthly payment you could easily buy a house in a cheaper location have less roommates and the same monthly payment or the same number of roommates and a lower monthly payment.

Most hard money lenders require 10-20% down payment of the purchase price or total project cost.Holding Costs During Rehab: Yes, you'll need to cover carrying costs, including hard money interest, utilities, taxes, and insurance.