We did not know if our proximity to Nashville would be more important because of the fact that we would be doing a short-term rental with the property for half of the year and then using the property exclusively as a rental in a few years?

With time hopefully the numbers will be even more in your favor with appreciation of the property and you will have cash flow to continue to invest, also it is building equity in your portfolio that you may want to tap for opportunities in the future.

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

Hello @Timothy Hilario,I think there are benefits to both strategies.If you move out of your apartment and rent it as a mid-term rental, you could see decent cashflow without pulling equity out of the unit.

Quote from @Cory King: Hi @Bill GrenierThe amount of structures can have an impact on financing but there are options out there.

Alicia,Generally, I would be concerned about a policy that is not in the name of the Property owner.  

Then set aside the equity to invest outside of a primary home.

We will post in the BP forums, but it normally is every second Wednesday of the month.

Plenty of other great groups depending on your focus.

Going through the experience and taking action will add more to your future wealth, then getting stuck in the numbers - CoC or ROI are not set in stone, and they also are just snap shots of what you see today.