@Blake Yarbrough why not have the individual loan you the down payment, secured by the property, at a rate that is more than he can make in the market or in a CD and calculate that amount into the total debt service.  

Or should I talk to him and ask for additional security deposit since we received the bankruptcy letter?

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

**Financial Security**: Being young and living in NJ, I want to build a strong financial foundation first to ensure stability before taking on more leveraged investments.This approach might be slower than the BRRRR method, but it provides peace of mind and a secure starting point for future investments.Pros and ConsPros:•Initial capital boost from flipping the first house.

Most states require you to have a separate account to hold security and advanced rent.

We worked out a deal where is we borrowed at 50% LTV we would not need to provide personal guarantees and the loan would be secured by the mortgaged property ONLY.  

@Steve Smith refi can surely make sense if one secures long term fixed rate debt.

My friend, every setback serves as a springboard for success.To put it briefly, learn what you can, develop a strong network, start small, secure funding, choose the ideal location, and roll with the punches.

I'm thinking that at least social security is steady, but I don't want to take any risks.

The tenant is requesting the return of their last month's payment and security deposit (equal to one month's rent).