I did a cash out refi on my principal residence at a much lower rate and paid it off.Now I plan on using the equity for more purchases.What? 

For calculating IRR, use the total cost of acquisition—this would be the mortgage balance plus the 50% buyout equity and any closing costs.Regarding refinancing, assuming the loan under the Garn-St.

This seems to be breaking down new construction and is a national average so kind of hard to read into this what it means in general but I would not expect a 665k new construction house to be my target for a rental property. 

those I think the basic of my questions.Thank you for responding and helping to understand more. 

The list goes on.

@Shayan SameerOK - seemed like you were, can you provide more info? 

@Jerry Velezif a property is owned outright with no mortgages, debts or liens on it, then it can (potentially) be purchased on seller financing. 

@Bennie Smith we've got a map at our website that we spent quite a bit on, to help investors understand what Detroit Neighborhoods they may want to invest in.DM us to discuss more as Moderators may delete this thread if we cover too much here.

Since you're focusing on Dayton and Cincinnati, you'll find plenty of opportunities in those markets.

Quote from @Caroline Gerardo: Walking the line of fraud isn't a good plan and with the seller as trustee if they file BK, divorce, have a judgement it sticks on the property.Oh man, if you say "fraud" one more time in the mirror it might appear!