Local bank  financing at 1 point and 5.5 %this is a little street in a really cool area..

In my day when I did this we called those hypothecations.. and our bank would routinely loan 50% of our UPB.. and the hypothecation was done through the collateral assignment to the bank.and then when we moved into HML we have nice size credit lines for this we made a new origination and the bank took the collateral assignment as to 56% of ARV or appraisal.. that's how most of us HML did it pre 08.it was great we borrowed from the bank at 6 or so and lent out at 15 to 20 and made the delta..you get big enough lines and its pretty cool business. 

Cool

Many have posted a few great tips already, that's the cool thing about this forum ;-)That said, I highly recommend using the awesome tools provided here on BP to learn the basics of analysis and underwriting.A few tips to get started and your continued learning:Find and connect with other BP members that are in your area.Set up keyword alerts to be notified of the topics that interest you.Read Beginner’s Guide.Check out BP Podcasts.Find upcoming real estate events and meetups near you.If you'd like to tag someone in the conversation, type @ followed by their name and then select the name of that person that appears below the comments box.

I'm fully aware that my little rental property company is just a replacement for my W2 income, and I'm cool with that.

I came across a really cool tool that helps you analyze regions' evictions rates and other metrics.https://evictionlab.org is the tool.You can sort the rate of evictions by states and compare stats by income levels, rates of evictions by days, and even rental property rates. 

Let me know if you have any questions.I also host a casual monthly meetup for the KC area with a few other super cool local investors.Make it a point to join us if you're ever in town.

Even on cool days you'll be surprised how much heat comes back off the roof. 

"Chuck in a truck" is cool.

There's a cool meetup the 2nd Saturday of every month that might be perfect....no sales, just a bunch of people in similar positions as you trying to figure it all out and sharing resources.Have you started looking for properties to house-hack yet?