Will the bank allow me to refinance the property again to tap into equity after the repairs and new appraisal?

Quote from @Samuel Coronado: Quote from @Jordan Moorhead: You can use local banks and there are national lenders.

Why not use bank debt or alternative lender debt if you don't qualify yet for bank originated debt?

I was playing with the idea of selling my condo, taking 300k of the equity to put a down payment towards a house listed at 660k.I'm assuming the reno will run $300/sqft and going in with the assumption that phase 1 will run 750k (figure the expansion of the house will have to wait) for the gut reno.I assume/hope (but definitely not banking on) that I will be able to refi in 2-3 years at a lower interest rate; if not for a lower rate.This will likely be a family home for the next 5-10 years at LEAST so investment value isn't quite at top of mind ATM.Questions:Even if it's not for lower interest rate, do you feel it's advisable to refi to remove the 203 loan in the future?

The thing I'll be changing is the financing I've been doing with a local bank, which has been a bit slow and cumbersome.

The main issue I have is contemplating the baloon payment at the end of the 2nd year and refinancing the remainder with a bank...how can I compute that into calculating the IRR?

So does anyone have any guidance and ideas or know any banks that do rehab loans were all the money including labor is upfront and then we pay a monthly?

Try talking to local banks who want to do business with you.

If transferring the property to an LLC, be mindful of the due-on-sale clause, and note that an LLC itself does not offer tax savings unless electing S-Corp status, which is rare for rentals.To maximize tax benefits, consider cost segregation, bonus depreciation, and short-term rental (STR) strategies, which could allow you to offset W-2 income if structured properly.

Hi Michelle,Keeping tenants' security deposits in a separate savings account at an online bank is a common practice and is generally recommended.