When you're looking for properties to renovate but not not local to check on progress of the project, it's important that you find or get connected with a general contractor that is credible and has references that you can see.

If you see WSJ Prime + anything less than a point  it usually means the bank has a great deal of respect for your creditworthiness, really wants to fund your project or combination of both.

I'd suggest looking at flipping your current project or be content leaving more equity in the deal and not pulling as much cash out.  

If the project seems like it has potential, then follow the steps they give you.

I'm having contractors over the next two weeks to see the project and bid on it. 

This will allow you to acquire another investment property with favorable terms (better interest rates, WAY less money down). 5% vs 20% down is massive and will help you acquire more real estate faster in the long run.

I figured I would still have to be very involved in this aspect, especially doing more than one rehab project at once. 

Purchase price: $220,000 Cash invested: $70,000 Sale price: $460,000205 Hermit St is a project we wrapped and sold in early 2024.

He suggests that projected rents would be $5,400.

Not sure how often that happens and to the extent it does, how much individuals are receiving.Trying my best not to politicize this, but have to add that massive bailouts are going to continue to get harder to afford with the high federal debt we have today.