The owner statement would look different compared to their GL report due to suppressed fees and such so that's why it doesn't make much sense. 

That should allow you to be comfortable and still use some leverage.It's a personal decision at the end of the day based on risk appetite, return expectations, and equity available to be invested.

This is going to come down to the individual and their gameplan, current financial situation, risk appetite, and so many other factors.

The rental property hasn't appreciated enough in 3 months for a cash-out refinance to make sense.3) Third and what I think might be the most promising is finding a lender to take a second lien on either primary or investment property but it sounds like most lenders haven't had an appetite for that since the end of 2022/beginning of 2023.I'd love any suggestions on how to start the snowballing effect going now instead of having to wait to get 20-25% down for another purchase.

If you google Sanger Financial their webpage will come up.Thanks,Joint VentureAcquisition and Development Funding10/100 ProductProduct Parameters$5M to $750MM Partnerships – construction / development projects; income producing property and business ventures with our Joint Venture SBLC leverage program.All project values are calculated in US Dollars.We have an appetite for virtually any venture that makes sense - income producing properties, such as hotels, motels, apartment complexes, subdivisions, medical buildings, assisted living projects, almost anything that is real estate associated, business financing, project debt restructuring, jumbo residential purchases, etc.

But the first step, like getting rid of bad debt, is getting rid of poisonous ideas.The typical school suppresses ideas.

And you in the peanut gallery- I know, there are interest-only mortgages, but most investors don't use them.)So in summary, and apologies for the extremely long post, I just got rolling and couldn't help myself, real estate enhances the best in investors by inhibiting panic selling during kerfuffles of one sort or another, and suppresses the worst in us, which is our unwillingness to save money on a regular basis.

What is your appetite for rehab?

Then again we all have different appetites for risk.

So even though Justin and I could live down the street from each other (not likely with my crazy hypothetical income disparity, but you get the point) we might have extremely different preferences on the usefulness of cash-flow, appetite or debt, appetite for risk, etc.