I run sum numbers for you please see comments below before refinancing and post refinancing .If I were in your position, I would approach it as follows:Initial Investment Assumptions: Market Value: $360,000 Purchase Price: $360,000 Equity: $0,000Financial Breakdown: Hard Money Loan (LTV 100%): $360,000 Interest Rate: 10% (30-Year Amortization) Monthly Payment: $1,995Upfront Costs: Origination fee (1%): $3,600 Closing Costs (3%): $10,800 Renovation Costs: $10,000 2 Month of Carrying Costs During Renovation: $5,390Total Upfront Required: $29,790Total Capital InvestmentPurchased price $360,000 Upfront Costs $29,790Total: $389,790To make this investment work, you need to rent the whole property for at least $3,165/month, refinance it let say after one year with 5% interest with a traditional mortgage.Year One Rent: Monthly Rent Income: $3,165 Monthly Rent Losses during renovations (2 Months): -$6,330 (-$527/month distributed over 12 months) Total Rent Income: $31,650 per year => $ 2,638 per monthMonthly Expenses: Hard Money Loan Payment (10% Interest): $1,995 / per month interest only Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $292 per month Assuming 0% Vacancy first year Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $2,637Monthly Net Cash Flow: $1Post-Renovation Refinancing Strategy:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate your initial investment of $29,790 plus your 360k debt into a mortgage.

@Ilya G.Hi, how much do you need for a down payment?

PPR is an excellent company and has never missed a monthly payment to my self directed IRA.

If you borrow against the equity, you'll need to include that payment in your calculation, as well.You make 3x the average income for Pennsylvania at the age of 32.

Mentors are also very selective about who they mentor.Someone who teaches for money is a coach -- especially someone who will take money from anyone, regardless of their likelihood of success.

Hold on and get ready for light speed payments! 

If you are looking to fix and flip, just make sure you look for a 12 month term, non-dutch interest on the rehab funds (this means you do not pay interest on the rehab money until you use it), no prepayment penalty, and avoid any lenders that escrow your payments at closing.

I still have clients but much more selective who I work with these days.Anything good NNN for dirt and tenant in strong suburban area about 2.5 million and up in price with at least 35% down.

(If they are an adult you should have already done a background check on them.) you could also renew them at the higher rate on a MTM term in case the payment issues continue.

You should definitely be able to find decent multifamily properties for under $200k, and multifamily would be my suggestion for starting out if you can swing a larger down payment (depending on loan type, you MAY need 10% more for a multifamily vs a single family, but not always).