And if a property is owner occupied, how can you secure a loan with a hard money lender not being able to view the home to estimate repairs?

Securing quotes for properties in flood zones can be challenging and time-consuming (especially if vacant), so it’s unlikely you could have done it quickly.

I make my regular interest-only payments for the first 7 or 8 months, and my interest-only period lasts 5 years.

@Holly Thorsen see above for potential challenges tapping your equity in the rental.You only need 5% down for a regular mortgage, 3% down for an FHA mortgage - so why don't you have the funds?

DSCR loans are not that low and regular hard money loans will be in the double digits.

If not, negotiate to buy it, get future cash flow secured, & take the next couple months to do the updates in between guests then get updated photos.

@Nick Rivers If you've already taken courses and webinars, then the only thing that will help you become more proficient is by actually underwriting deals on a regular basis. 

- If the Association Fees are regularly increasing or the Association is poorly funded - SELL.3) How much of your TIME do you want to invest in all this?

Some lenders offer creative solutions, like a cross-collateralized loan, where they use your existing equity as security without refinancing the duplex.Another idea is partnering with private lenders or exploring a second-position mortgage, depending on your lender's terms.

We were not able to recover any yard damages due to other damages they had left that needed repair, which empted out their security deposit.