This amount will be a direct cost of refinancing that you'll need to factor into your overall analysis.3.

The federal and New York tax credits reduce tax liability but don’t provide direct cash, so the effective monthly payment may rise if credits aren’t reinvested.

These typically cost money.Direct contact: In some cases, you may be able to contact the owner directly by knocking on the door and speaking with them.

Another option is to do the BRRRR method, buying a distressed property from a wholesaler, direct to owner or even MLS sometimes, fix it up and force appreciation and then refinance all your money out. 

The thing is he wants to sell it directly to me (FSBO) without the use of an agent to save on commissions.

should allow you to save for your second deal fairly quickly.Full disclosure: I run a turnkey operation based out of Birmingham, AL—happy to point you in the right direction and answer any questions that come up!

Remember someone may be coming on your property every month to change the sign, unless they have some kind of direct access.2.

. • The property owner has directed the unauthorized person to leave the property. • The unauthorized person or persons are not current or former tenants pursuant to a written or oral rental agreement authorized by the property owner. • The unauthorized person or persons are not immediate family members of the property owner. • There is no pending litigation related to the real property between the property owner and any known unauthorized person. 

So, these properties are probably as close to "mailbox money" as one could get with direct REI.

Might be worth doing some soul searching to make sure that is the direction you guys want to go.