fyi, one of my children (also in Indiana) had a very good experience with a VA loan through Veterans United.If you can find a tenant who wants to be rural and have space but doesn't have a down payment or for some other reason doesn't want to buy or can't buy, that person could be an excellent fit for your situation. 

Also, if you goal is to continue scaling, a real estate CPA could be a great resource for accounting and tools like DSCR loans can help your grow quickly, especially for cash-flowing properties. 

So you’d have maybe $335k in equity left and a loan for $665k. 

@Spenser HardingDon't take a hard money loan on something intended to be a rental.

Hey Nicholas,As Jason said, I think the 5% down Fannie Mae multi-family loan will be your best option for financing.

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

Hi Dennis, What kind of loan is it for?

Hey Nicholas,Like you mentioned, I'd pay the high interest loans off as quickly as possible. 

I'm interested in everyone's opinions on using a HELOC to purchase turn-key rentals for the short term and covering principal paydown across all new mortgages / loans ( HELOC ) through excess income. 

The only way to get a loan in PR is to use a bank in PR or has bricks and mortar in PR (PENFED being one of them).